Cyprus signed the CoE-OECD Convention on Mutual Administrative Assistance in Tax Matters and its Protocol on 10 July 2014. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010.
The Convention seeks to strengthen international cooperation among tax authorities of member states to improve their ability to tackle tax evasion and avoidance. The signing by Cyprus is considered as a major step towards removing the ‘non-compliant’ stigma that the island has borne since last year. It has been achieved through the close cooperation between the Government and the private sector.
