On 10th July, Cyprus signed the CoE-OECD Convention on Mutual Administrative Assistance for Tax Matters (ETS no.127) and its Protocol (ETS no.208) in Strasbourg.
The Convention seeks to strengthen international cooperation among member states of the Council of Europe and the Organisation for Economic Cooperation and Development (OECD) aimed at targeting tax avoidance and evasion.
This is another step towards solidifying Cyprus’ reputation as a compliant state with respect to reporting on international tax issues. This positive development has been achieved through close cooperation between the Government and the private sector.
The Convention, being the most comprehensive multilateral instrument for tax cooperation in tackling tax evasion and a top priority for all countries, was developed jointly by the OECD and the Council of Europe in 1988 and amended by the Protocol in 2010.