Cyprus: Non-EU Tax Advantages Fall Outside of DAC6
The Cyprus Ministry of Finance has released a draft Bill which will effectively implement the EU DAC6 into national legislation. The Bill requires the disclosure and exchange of cross-border tax arrangements.
The Cyprus draft is an extension of the EU's own text on the matter; alluding to the fact that it only applies to tax advantages obtained in Cyprus or another EU Member State. This approach is being called an 'EU nexus' strategy.