Confidentiality study in the Department of Taxation

The Parliamentary Committee on Finance, in a closed session, unanimously approved the release of a fund of € 80.000 for conducting a risk analysis study regarding the safeguarding of information managed by the Tax Department.

 Conducting the study, along with other actions that have been launched, will assist the Department in managing the information it will receive through the Common Reporting Standards and will therefore remove it from the position of non-reciprocal exchange for CRS purposes. .

It is recalled that the Global Forum, following the identification of weaknesses, put Cyprus in a position of non-reciprocal status for CRS purposes.

"In order to revoke this reservation, some recommendations have been made and we expect the promotion of an action plan", according to the Tax Department, which notes that in this context various actions have already been launched, one of which is the risk analysis study on information retention managed by the Department.

 After today's discussion, the members of the Finance Committee gave the green light for the release of the € 80 thousand fund for the study to be carried out by external consultants, while the bidding process is expected to proceed as soon as possible. 

Source: KYPE