The Organisation for Economic Co-operation and Development has approved Cyprus’ peer review (second round) on Transparency and Exchange of Information for Tax Purposes, the Finance Ministry said.
OECD’s Global Forum placing Cyprus as largely compliant with the international standard on transparency and exchange of information for tax purposes.
The peer review was conducted at the request of the Cypriot authorities.
“The report on Cyprus is considered as satisfactory given the fact it recognizes the progress achieved and the measures taken and implemented by all competent authorities in the field of transparency and exchange of information for tax purposes,” the Ministry said.
The report also outlines recommendations on the further strengthening of effective processes with the Cypriot authorities stating their readiness to manage them.
OECD said Cyprus has made “significant strides” since its non-compliant rating in 2013 when it was upgraded two years later as Largely Compliant in 2015.
It said improvements were needed in the availability of and access to beneficial ownership information and timeliness as regards the exchange of information requests.
Cyprus has been criticised for its now-defunct passports for investment scheme which the EU said was a potential vehicle for tax avoidance.