Cyprus is scrambling to make up for lost time in implementing EU rules on the exchange of tax information.
A relevant bill was submitted to parliament on Friday, the same day it received the European Commission’s reasoned opinion because of its delay in transposing a European directive into national law.
The bill covers the compulsory, automatic exchange of tax information to facilitate the fight against money laundering.
Cyprus, along with Greece and three other states, face being hauled before the EU Court if they do not give satisfactory answers to the Commission in two months.
It is to be noted that all EU member states were obliged to comply with the specific European directive by December 31 2017; however, the bill was only approved by Cabinet on Thursday.
The new measures aim to provide tax authorities with all the necessary information to prevent tax evasion and combat money laundering.