In brief
In its latest periodic review by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes (the 'Global Forum'), Cyprus' overall rating remains 'Largely Compliant' as per an official report of the Global Forum released today.
In detail
The Global Forum (comprising over 160 jurisdictions, including Cyprus) periodically peer reviews members for the effectiveness of their implementation of the internationally agreed standards on exchange of information on request ('EOIR') and assigns an overall rating to each reviewed member following each periodic review.
The latest Global Forum peer review rating of 'Largely Compliant' for Cyprus EOIR means that Cyprus' rating remains unchanged from its last peer review announced in 2015.
The legal tools with respect to Cyprus' implementation of the Global Forum internationally agreed standards on EoIR are the relevant EU Directives (as transposed in Cyprus' national law), Cyprus' network of bilateral double tax treaties ('DTTs') and the Multilateral Convention on Mutual Administrative Assistance in Tax Matters ('MAC').
The takeaway
This latest rating of 'Largely Compliant' reflects Cyprus' continued commitment to its international, EU and treaty obligations in international tax matters, and it means that Cyprus' rating remains on an equal footing with the majority of its peers in the Global Forum.
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