articles | 12 November 2014

Cyprus clamps down on tax evasion

Cyprus was one of the 51 countries, which, on October 21, 2014, subscribed to the multiparty agreement on the automatic exchange of financial data aiming at clamping down on tax evasion, tax avoidance and safeguarding transparency at an Organisation of Economic Cooperation and Development meeting in Berlin, the finance ministry said.

“The automatic information exchange standard developed by the OECD defines the minimum financial information on taxpayers as well as common procedures on customer due diligence that must be followed by financial institutions,” the Finance Ministry said in an email statement.

Source: Cyprus Mail

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