Global Forum on Transparency and Exchange of Information for Tax Purposes : Phase 2.

Description

This report contains the ""Phase 2: Implementation of the Standards in Practice"" Global Forum Peer Review of Cyprus, as well as revised version of the ""Phase 1: Legal and Regulatory Framework review"" already released for this country. The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the imp.  Read more... Table of Contents About the Global Forum Executive Summary Introduction Information and methodology used for the peer review of Cyprus Overview of Cyprus Recent developments Compliance with the Standards A. Availability of Information Overview A.1 Ownership and identity information A.2 Accounting records A.3 Banking information B. Access to Information Overview B.1 Competent Authority's ability to obtain and provide information B.2 Notification requirements and rights and safeguards C. Exchanging information Overview C.1 Exchange of information mechanisms. C.2 Exchange of information mechanisms with all relevant partnersC. 3 Confidentiality C.4 Rights and safeguards of taxpayers and third parties C.5 Timeliness of responses to requests for information Summary of Determinations and FactorsUnderlying Recommendations Annex 1: Jurisdiction's Response to the Review Report Annex 2: List of All Exchange-of-Information Mechanisms in Force Annex 3: List of All Laws, Regulations and Other Material Consulted Annex 4: Persons Interviewed During the On-site Visit.