Romania Authorizes Negotiation of Amending Protocol to Tax Treaty with Cyprus

Romania Authorizes Negotiation of Amending Protocol to Tax Treaty with Cyprus

The Romanian government reportedly authorized negotiations and the signing of a protocol amending the 1981 income and capital tax treaty with Cyprus. This protocol will increase the withholding tax rate on dividends and interest to 15% (currently 10%). The protocol will be the first document to amend the 1981 treaty. Before it comes into force, the protocol needs to be finalized, signed, and ratified.

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