On August 28, 2015 the Cyprus Finance Minister published in the official gazette of the Republic of Cyprus the decree of 2015 in accordance with the Assessment and Collection of Taxes Law (Exchange of Information within the framework of the Agreement for the Tax Compliance of Accounts which exist abroad) (Decree 281/2015) for the purposes of implementing the Foreign Account Tax Compliance Act (FATCA).
This decree constituted the legal basis permitting Financial Institutions in Cyprus to report information required under the Intergovernmental Agreement signed between Cyprus and the United States on 2 December 2014 and provides, in connection with FATCA, definitions of, inter alia, exempted persons, controlling persons and addresses the consequences from non-compliance.
The decree is effective from 31 August 2015.
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