On Thursday 12th of June 2014, NBAC successfully hosted a seminar on the new Double Tax Treaty between Norway and Cyprus, which was signed at the 24th of February 2014. The new agreement is based on the OECD Model and provides for the exchange of information in accordance with the relevant articles of the Model. The Finance Ministries of the two countries stated that the new treaty will contribute to the further development of trade and economic relations between Cyprus and Norway.
The seminar was opened by Mr. Jens Wilhelmsen, Chairman of the Board of NBAC, and Mr. Takis Klerides, Member of the Board of NBAC, who both thanked PWC for their kind acceptance to the invitation of NBAC to give the presentation on the new tax treaty between Norway and Cyprus. Further, both gentlemen warmly thanked the members and guest of NBAC for their participation in the seminar.
Subsequently, Mrs. Cleo Papadopoulou, Partner, direct tax services, PWC Cyprus, and Mrs. Rita C. Lid; Partner, Law office, PWC Norway, gave a presentation on the new tax treaty explaining the major changes as well as the impact of these changes on both individuals and companies. Finally, opportunities arising from the revised tax treaty were presented. The seminar ended with the speakers answering various questions by the participants.
The seminar was followed by a Coctail Reception, during which NBAC members connected with the speakers and invited guests and each other.
The Board of NBAC would like to thank, once again, PWC and its members and guests for their contribution to making this seminar a success.