According to a press release issued by the Finance Ministry, the signing of the “Multilateral Instrument” has been approved by the Council of Ministers on April 5, 2017. Therefore, Cyprus is going to sign the ‘Multilateral Convention to Implement Tax Treaty related measures to Prevent Base Erosion and Profit Shifting’ (Multilateral Instrument) of the OECD. The signing formality is scheduled to take place on 7 June 2017.
The Convention on Mutual Administrative Assistance in Tax Matters (“the Convention”) was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance, a top priority for all countries.
