News: Cyprus was expelled from the Convention on Mutual Administrative Assistance in Tax Matters

The tax department of Cyprus received a negative assessment from the OECD, and after that Cyprus was excluded from the Convention on Mutual Administrative Assistance in Tax Matters

The foregoing jurisdiction has repeatedly violated the observance of certain recommendations of the OECD, which led to the fact that 49 states that signed bilateral agreement on the exchange of information with Cyprus are not obliged to provide information in response to inquiries of its tax authorities regarding tax residents of Cyprus.

The Global Forum of the OECD recommends the parliamentary Committee on Financial Affairs to allocate additional funds for conducting risk analysis for the purposes of subsequently identifying weaknesses in maintaining of records in the tax department.