On 25 May 2016, Cyprus and the Republic of Latvia signed the Treaty for the Avoidance of Double Taxation on Income in Brussels.
The treaty was signed on behalf of the Republic of Cyprus by the Minister of Finance, Harris Georgiades and on behalf of the Republic of Latvia by the Minister of Economics, Dana Reizniece-Ozola.
According to an official statement, the treaty will contribute to the further developments of the trade and economic relations between the two countries.
The update, maintenance and extension of the existing network of treaties for the avoidance of Double taxation, which are of great economic and political importance, aim at further enhancing and attracting foreign investments, and promoting Cyprus as an international business centre.
The treaty is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital.
Information about the provisions of the treaty will be reported as soon as details become available.