Cyprus rated Largely Compliant by the Global Forum.
On October 30th 2015, the OECD has released the results of the Global Forum on Transparency and Exchange of Information for Tax Purposes rating Cyprus from non compliant to “Largely Compliant”.
After Phase 2 assessment, as carried out during mid-2013, Cyprus was assessed as “non-compliant” in two out of the ten areas evaluated, and was rated overall as “non-compliant”.
However, the Forum has approved supplementary reports for Cyprus, that had been previously been rated as Non-Compliant and following the significant changes to Cyprus legal framework, the new overall rating is now “Largely Compliant”.
Of the 86 countries that have undertaken Phase 2 evaluations, 21 are rated as “compliant”, 52 as “largely compliant” and 13 as “partially compliant”.
For a summary of the Compliance Ratings please Click Here.