Cyprus Defends Tax Transparency Amid OECD Scrutiny

Law360, New York (November 25, 2013, 4:55 PM EST) -- Cyprus defended its taxing regime Monday following an Organization for Economic Cooperation and Development report that highlighted the country's purported lack of transparency, saying the government has implemented a number of progressive reforms that were not accounted for.

Cyprus' Ministry of Finance said the country's attempt at overhauling its tax administration “warranted a higher rating being assigned” by the OECD. Cyprus was one of four countries pegged by the OECD as noncompliant with international tax information-sharing guidelines that are intended to hamper would-be tax havens....
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