As reported before, on 20 July 2020, an amending Protocol to the existing Double Tax Treaty (DTT) of 2014 was signed between the Republic of Cyprus and the Swiss Confederation.
On 11 November 2020, the Swiss Federal Council adopted the Protocol.
The Protocol will enter into force on the date of receipt of the last notification and will have effect as from 1 January of the year following the date on which the Protocol enters into force.
Notwithstanding the abovementioned provisions, the amendments made in relation to business profits, associated enterprises, mutual agreement procedures and entitlement to benefits will have effect from the date the Protocol enters into force, irrespective of the taxable period to which the matter relates.
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