Common Reporting Standard – Reporting Obligations For Trusts

The Common Reporting Standard (CRS) is a global information gathering and reporting mechanism developed by the Organisation for Economic Co-Operation and Development (OECD), and requires the automatic exchange of financial accounts information between tax authorities of the participating country members. The CRS aims to combat tax evasion and promote transparency on an international scale. The Republic of Cyprus is a participating member of the CRS since 2014.

The Law on Administrative Cooperation in the Field of Taxation (Law 205(I) of 2012) Article 22C and the Law on the Assessment and Collection of Taxes (No. 4/1978) Article 27, as amended, empower the Tax Commissioner to request and obtain information from individuals or entities in order to verify compliance with tax reporting obligations.