Cyprus signs agreement on exchange of information for tax purposes

Cyprus has signed a multilateral agreement on the reciprocal exchange of information relating to financial accounts for tax purposes.

According to an official announcement, the agreement was reached during a meeting in Berlin of the Global Forum of the Organisation for Economic Co-operation and Development (OECD) on Transparency and Exchange of Information for Tax Purposes.

The agreement was signed by 51 countries/jurisdictions of which 48, including the Republic of Cyprus, belong to the «early adopters group.» They have committed to adopting the new international standard with an ambitious timetable, marking the start of the automatic exchange of information in 2017, in order to fight tax evasion and secure transparency.

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