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OECD raises Cyprus’s rating

The Global Forum of the OECD (Organisation for Econominc Co-operation and Development) which recently took place in Barbados ranked Cyprus ‘largely compliant’.

This is a major improvement from the previous assessment by the OECD in 2013 which found that Cyprus did not at that time meet the requirements of OECD.

This positive development is largely due to the hard work of the Cypriot government and more specifically the tax authorities and the Ministry of Finance. Credit also goes to professional bodies such as the Cyprus Bar Association for their cooperation with the authorities to help strengthen the communications procedures in regards to the exchange of tax information with other countries.

OECD requirements provide that requests for the exchange of tax information must be treated within 90 days. The strengthening of the internal systems of Cypriot tax authorities has improved response time and this led to the recognition by OECD that Cyprus is now largely compliant by OECD standards.

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