Newsroom / CNA
Cyprus' Finance Minister, Makis Keravnos, has officially signed the Multilateral Competent Authority Agreements (MCAA) under the Global Forum of the Organization for Economic Cooperation and Development (OECD).
According to a statement released by the Finance Ministry, these agreements facilitate the automatic exchange of tax-related information in the realm of cryptocurrencies (CARF MCAA) and expand the scope of financial account information exchange (Addendum to CRS MCAA).
The announcement of Cyprus' participation came during the 17th Plenary Session of the OECD Global Forum, held from November 26 to 28 in Paraguay. During the session, 48 countries signed the CARF MCAA, while 51 endorsed the Addendum to CRS MCAA.
The CARF MCAA establishes a framework for tax authorities to exchange information regarding cryptocurrency transactions, offering a valuable tool to combat tax evasion and avoidance in this emerging sector.
Similarly, the Addendum to CRS MCAA strengthens the exchange of financial account data between participating countries, further supporting efforts to address tax-related challenges.
