Moldova and Cyprus have signed convention for avoidance of double taxation

Moldova and Cyprus have signed the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital on January 29, Info-Prim Neo reports, making reference to a communique from the Ministry of Economy and Trade. The document was signed in Larnaca by the Moldovan Minister of Economy and Trade Igor Dodon and his Cypriot counterpart Antonis Michaelides. This is the eighth Moldovan-Cypriot intergovernmental agreement. The previous agreement, on the promotion and reciprocal protection of investments, was signed while the Minister of Commence, Industry and Tourism of Cyprus was in Chisinau in September 2007. “The signing of the Convention for the avoidance of double taxation will give a new impetus to the commercial-economic relations between Moldova and Cyprus and will enable the Moldovan and Cypriot businessmen to develop the economic potential of the two states,” Igor Dodon said. A Moldovan-Cypriot business forum will be held in Chisinau in April-May 2008. Trade between Moldova and Cyprus in the first half of last year was 830,600 USD, a 2.5-fold rise compared with the corresponding period of 2006. The trade with this country made up 3.8% of Moldova’s foreign trade in the given period. The Moldovan exports to Cyprus over January-June 2007 totalled 49,300 USD, a 1.4-fold increase compared with the same period of 2006. Moldova exported mainly grape wine and sparkling wine. Imports from Cyprus came to 781,300 USD, an increase of 2.6 times on the previous year. There were imported chiefly medicines, fresh and dried citrus fruit, tubes, pipes and accessories for them from plastic materials etc. Igor Dodon has been in Cyprus on an official visit between January 28 and 30.