The Treaty is in line with the latest international standards for information exchange and fully meets the OECD`s Erosion and Profit Based (BEPS) recommendations. It confirms the definition of “permanent establishment” and defines what is meant by residence. On 19 May 2017, Cyprus and San Marino signed a protocol amending their double taxation convention. The Cypriot Ministry of Finance stated: “The text agreed between the two States Parties will contribute to further strengthening trade and economic relations between Cyprus and San Marino, while improving links with other legal systems.” The ministry added that the development and improvement of existing double taxation treaties is of great economic and political importance for the island. On 18 February 2011, Cyprus signed a revised double taxation agreement with Germany.