In recent years, the challenge posed by cross-border tax fraud and tax evasion has increased considerably and has become a major focus of concern within the Union and at global level. Unreported and untaxed income is considerably reducing national tax revenues. An increase in the efficiency and effectiveness of tax collection is therefore urgently needed.
The Commission, in its communication of 6 December 2012 highlighted the need to promote vigorously the automatic exchange of information as the future European and international standard for transparency and exchange of information in tax matters.
For this reason, the Council of the European Union has adopted the Directive 2014/107/EE for amending the Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.
Therefore, the Republic of Cyprus signed on 10 July 2014 the Convention on Mutual Administrative Assistance in Tax Matters.
This section will accommodate information related with the Convention on Mutual Administrative Assistance in Tax Matters.