Signing of the FATCA Agreement between Cyprus and the USA - 02/12/2014
The Minister of Finance, Mr Harris Georgiades, and the US Ambassador to Cyprus, Mr John M. Koenig, signed today, at the Ministry of Finance, an Agreement on the improvement of the International Tax Compliance for the implementation of the Foreign Account Tax Compliance Act (FATCA) between Cyprus and the USA.
In his address during the signing ceremony, Ambassador Koenig stated the following:
“I am pleased to be here for the signing of the agreement implementing the Foreign Account Tax Compliance Act. Thank you to all those here at the Ministry, here in Cyprus, Americans and Cypriots, who worked to prepare for this day.
We welcome Cyprus’ commitment to intensify our cooperation to improve international tax compliance. Cyprus, under the leadership of President Anastasiades, Finance Minister Georgiades and Central Bank Governor Yiorkadji, have taken important steps to bolster the island’s reputation and appeal as a financial and business service centre in the region and around the globe.
Today’s signing marks the significant step forward in our countries’ common efforts to work collaboratively to combat off-shore tax evasion, an objective that benefits both our countries.
The Foreign Account Tax Compliance Act (FATCA) introduces reporting requirements for foreign financial institutions with respect to certain accounts held by US taxpayers. Because access to information from other countries is critically important to the full and fair enforcement of our domestic tax laws, information exchange is a top priority for the United States. As such, we have been a leader in the development of new international standards for greater transparency to a full exchange of tax information and we are very pleased to cooperate with the Republic of Cyprus in this regard.
By working together to detect, deter and discourage off-shore tax abusers to increase transparency and enhance reporting, we can help to build a stronger, more stable and more accountable global financial system which would be good for all of us. FACTA is yet one further example of the deep, substantial and growing rings that positively bind the Cypriot and American economies to our common benefit.”
Source (press release & photo): Press and Information Office