The OECD Global Forum on Transparency and Exchange of
Information for Tax Purposes carries out in-depth peer reviews of
100 major jurisdictions to evaluate whether their national laws
allow transparency and international exchange of tax information,
and to make recommendations on how the jurisdictions should address
any concerns identified during the review.
Cyprus has a network of double taxation avoidance agreements
(DTAs) providing for information exchange with more than 50
jurisdictions around the world, and also exchanges tax information
with other EU members.
The Global Forum's Phase 1 peer review of Cyprus, published in
March 2012, concluded that Cyprus's DTAs generally contain
provisions which allow Cyprus to exchange all foreseeably relevant
information, and its few recommendations for improvement related to
largely technical changes to enhance the availability of ownership
and accounting information.
All the recommendations of the Phase 1 report have now been
implemented by the introduction of new legislation or the amendment
of existing legislation, and the Phase 2 review, which is expected
to be published in the next few months, is expected to recognise
these changes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
