The Global Forum on Transparency and Exchange of Information for Tax Purposes approved, at its meeting that took place in Barbados on 30th of October 2015, Cyprus’ supplementary report on the additional changes of its legal framework and practises and classified Cyprus as ‘Largely Compliant’.
This was the result of Cyprus Tax Authorities working closely with the accounting and legal professionals to amend the spotted gaps of the system and gain confidence back at an international level as far as the exchange of information on tax matters is concerned. Cyprus was previously evaluated in 2013 by the Global Forum for its interpretation of the standard in practise and rated as ‘Non-Compliant’.
Cyprus’ reputation has been restored and it is in this way re-ensured that it is still a reputable financial centre. The island’s infrastructure, dynamic legal framework, coherent tax system and high standard of professional services that can be provided create the perfect business atmosphere and make Cyprus in compliance with all international business standards.