On 19 May 2017, a Protocol was signed between the Republic of Cyprus and the Republic of San Marino amending the Convention on the Avoidance of Double Taxation with respect to taxes on income.
According to a statement by the Ministry of Finance, "The agreement reached between the two countries will contribute to the further development of trade and economic relations between the Republic of Cyprus and the Republic of San Marino, creating the framework for developing relations with other countries.
Updating, maintaining and expanding the existing network of Double Tax Avoidance Agreements, which is of utmost economic and political importance, is further aimed at enhancing and attracting foreign investment and promoting Cyprus as an international business centre.
The government is actively pursuing the expansion of the already extensive network of Double Tax Avoidance Agreements, thereby enhancing bilateral trade relations", the announcement concludes.
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