On 26 September 2018, the Saudi Shura Council approved the pending income tax treaty with Cyprus. The treaty, signed on 3 January 2018, is the first of its kind between the two countries and will enter into force on the first day of the second month following the month in which ratification instruments are exchanged and will apply from 1 January of the year following its entry into force ({News-2018-03-19/T/7-previous coverage}).