articles | 15 January 2015

Cyprus banks implement international tax agreement

Cypriot banks are taking steps to comply with the Foreign Account Tax Compliance Act (FATCA).

The FACTA was signed by Cyprus and the US in December 2014, the Bank Association said recently.

FATCA aims to combat tax evasion by US tax residents using foreign accounts.

The agreement improves international tax compliance, and has been ratified by parliament.

Source: InCyprus

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