Economy category powered by

Finance Ministry signs multilateral agreements on cryptocurrencies and tax matters

Finance Minister Makis Keravnos has signed the Multilateral Competent Authority Agreements of the Global Forum of the Organization for Economic Cooperation and Development (OECD).

A press release issued by the Finance Ministry said that these agreements are for the automatic exchange of information for tax purposes in the field of cryptocurrencies (CARF MCAA), as well as for the addition to the automatic exchange of financial account information (Addendum to CRS MCAA).

Cyprus' participation in the Multilateral Agreements was announced during the 17th Plenary Session of the OECD Global Forum, held on 26-28 November, in Paraguay, where a total of 48 states signed the CARF MCAA, and 51 states signed the Addendum to CRS MCAA.

The CARF MCAA Agreement framework provides for the exchange of information between contracting tax authorities regarding taxable transactions involving cryptocurrencies.

This is a mechanism that is available to tax authorities as an important tool for combating tax avoidance and evasion in the cryptocurrency sector.

The Addendum to CRS MCAA enhances the exchange of financial information from accounts between contracting tax authorities, also assisting in the fight against tax avoidance and evasion.

(Source: CNA)

Read More

Shipping Deputy Minister meets with President of the Arab Academy for Science, Technology and Maritime Transport
Cyprus-based Outfit7 announces new games, new audiences, and new Talking Tom
US delays higher tariffs but announces new rates for some nations
13th Invest Cyprus International Investment Awards almost here
Highest midday power demand of the year anticipated to have been this week, official data show
European Affairs Minister in London for working visit
Christodoulides: New natural gas discovery in EEZ reaffirms Cyprus’ energy potential
Theo Parperis on how establishing Cyprus as one of the region's family office hubs will increase FDI
President to hold teleconference with ExxonMobil this afternoon
Israel's Transport Minister paying Cyprus official visit