The Organisation for Economic Co-operation and Development has uploaded information on its website regarding Cyprus’ compliance with respect to tax transparency and the exchange of information.
The OECD has assured with a recent announcement on its website that Cyprus’s institutional framework, which ensures tax transparency and the exchange of information is in place, but also informed about some areas of improvement.
The Paris based body attested a minor shortcoming in the network of agreements and some gaps regarding the implementation of the framework, in the area of availability of information, and more specifically with respect to ownership and accounting.
Back in 2013, the OECD had said that Cyprus maintained a poor record on tax transparency and information exchange. At that time Cyprus was considered as non-compliant, as accounting records did not allow for the exchange of information with other jurisdictions.