Cyprus news: Finance Minister defends Cyprus record following negative OECD rating

(via incyprus.comFollowing the OECD rating Cyprus as non-compliant with tax transparency standards, the finance ministry has said:

“It is our firm belief that Cyprus has already taken steps and will take all necessary additional steps to implement the required changes and ensure that during the next review stage in 2014, the assessors will note a very significant improvement on all measured parameters and have Cyprus’ overall rating changed to a much better one than the current rating”.

By way of further explanation of low compliance rates with tax return filings, the ministry added that these were “partly due to uncertainties as to the population of active companies in Cyprus, with the total number of active companies artificially inflated” (bold added).

Back in April the Treasure Islands blog posted this photograph taken by Norwegian business newspaper of the company registry in Cyprus:



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