The Cypriot Minister of Foreign Affairs, Erato Kozakou Markoulli, and the Austrian Finance Minister, Andreas Schieder, have signed a Protocol recently amending the current Convention for the Avoidance of Double Taxation (DTT) between the Republic of Austria and the Republic of Cyprus with respect to taxes on income and capital that was signed in Vienna on 20th March 1990.

The updated treaty aligns the existing agreement between the two countries dating from 1990 with the new Organisation for Economic Cooperation and Development (OECD) standard.