Croatia and Cyprus have completed bilateral negotiations on a double taxation agreement, and will now start the formal process of ratification, state agency Hina said on Tuesday, without offering a likely date when it might come into effect.

Hina, which quoted a press release from the national tax authority, said that Cyprus was the last EU country remaining without a double taxation agreement with Croatia.

The negotiations on double taxation and the prevention of tax evasion were held on 1-3 November in Nicosia. “Both governments now must start their internal procedures that will enable the signing of the agreement and its ratification by the parliaments of both countries,” Hina added.

Last month, Croatia signed double taxation treaties with Andorra, on 17 October, and with Egypt, on 3 October.