The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes has revised its Phase 2 rating for Cyprus to “largely compliant”.

Following the initial Phase 2 assessment carried out in mid-2013 Cyprus was assessed as “non-compliant” in two of the ten areas assessed, and was given an overall “non-compliant” rating. This was despite the fact that Cyprus achieved a satisfactory rating in more areas than other countries which escaped a “non-compliant” rating. 

In its eighth meeting, held on 29 and 30 October, the Global Forum considered supplementary Phase 2 reports for Cyprus, Luxembourg and Seychelles.  Cyprus was found to have dealt satisfactorily with all the deficiencies identified in the initial Phase 2 assessment, and to be fully compliant with required standards in seven of the ten areas assessed and largely compliant in the other three. It was therefore assigned a “largely compliant” rating overall. Of the 86 countries that have undergone Phase 2 assessments, 21 are rated as “compliant”, 52 as “largely compliant” and 13 as “partially compliant”.