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Cy signs agreement on exchange of information for tax purposes

13/11/2014 12:14
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 the 7th meeting of the Global Forum of the Organisation for Economic Co-operation and Development (OECD) on Transparency and Exchange of Information for Tax Purposes. The Forum took place in Berlin.

The Agreement was signed by 51 countries; 48 of them, including Cyprus, make up the early adopters group which is committed to implementing the reciprocal exchange of information on financial accounts on an automatic basis, with the first exchanges starting in 2017.

The agreement, which has been developed by OECD, defines the minimum financial information of taxpayers and common due diligence (CDD) to be followed by the financial institutions.