During the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin, Cyprus was noted as one of the first signatories of the new Standard on Automatic Tax Information Exchange.
The overall number of states that put their signatures on the document exceeded fifty. Execution of the Standards turns on a green light for activation of automatic exchange of information, based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
It is expected that the pioneers-signatories will pass the first information exchanges by September 2017. Others will follow in 2018.