6th Jul 2015
The Administrative Cooperation in the Field of Taxation Law, 205 of 2012, was amended for purposes of better regulation in line with EU Directive 2011/16.
In particular, Section 8(3) of the Law, as amended, explicitly provides that the competent authority in Cyprus shall forward “the tax information referred to in Section 8(1)” to the competent authority of any other EU member state concerned as quickly as possible, and no later than one month after the information becomes available. Prior to the amendment, Section 8(3) of the Law only referred to “the available information” instead of making explicit reference to Section 8(1).
It is reminded that Section 8 of the Law regulates the spontaneous exchange of information between Cyprus and the competent authorities of other EU member states. It particularly covers the exchange of tax information in cases where: