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Cyprus: OECD Model Tax Convention is updated

16 September 2014   (0 Comments)
Posted by: Author: Charles Savva
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Author: Charles Savva (C.Savva & Associates Ltd)

On 15 July, the OECD Council approved the latest update to the OECD Model Tax Convention. The update was initially approved by the Committee on Fiscal Affairs on 26 June and it will be incorporated in a revised version of the Model Tax Convention expected to be published in the upcoming months.

This recent update highlights the work conducted on the Model Tax Convention over the course of 2010 and 2013. The changes to the 'exchange of information' clause Article 26 and its commentary as approved by the OECD Council are also included. Moreover, the update includes the final version of a number of important drafts, including:

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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