Cyprus: Proposed amendment in regards to automatic exchange of information
Cyprus: Proposed amendment in regards to automatic exchange of information
Nicosia, 14 July 2016
An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information.
More specifically, the proposed amendment aims at regulating the conditions under which the Cypriot Tax Commissioner may disclose information on any person with a view to complying with agreements for automatic exchange of information between Cyprus and other countries (both EU and non-EU countries).
While the notion of automatic exchange of information already exists in the said law (implementing existing double tax treaties between Cyprus and other states), the novelty of the proposed amendment is that the prior approval of the attorney general in order for the Commissioner to disclose information will no longer be required.
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