• January 8, 2025
• Lefteris Eleftheriou

The Common Reporting Standard (CRS) is a global information gathering and reporting mechanism developed by the Organisation for Economic Co-Operation and Development (OECD), and requires the automatic exchange of financial accounts information between tax authorities of the participating country members. The CRS aims to combat tax evasion and promote transparency on an international scale. The Republic of Cyprus is a participating member of the CRS since 2014.

The Law on Administrative Cooperation in the Field of Taxation (Law 205(I) of 2012) Article 22C and the Law on the Assessment and Collection of Taxes (No. 4/1978) Article 27, as amended, empower the Tax Commissioner to request and obtain information from individuals or entities in order to verify compliance with tax reporting obligations.

Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. 

AI of course stands for Artificial Intelligence! But what does it really mean? To understand this, we should start with a simpler question: “What is an algorithm?”

The first algorithm is dated back to 2500 BC to the ancient Babylonian mathematicians, thus moving on to the Egyptians, Greeks, and Arabs. It is about taking an input, applying a set of rules, and generating an output.

Let’s have a look at a simple example of an algorithm:

Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Non-tax residents are only taxed on their income accrued or derived from sources in Cyprus. An individual is tax resident in Cyprus if he spends in Cyprus more than 183 days in any one year.

Πρόκειται να προσλάβετε καινούριο προσωπικό; Γνωρίζετε ότι με την πρόσληψη προσωπικού, μπορείτε να επιχορηγηθείτε μέχρι και το 80% του μισθολογικού κόστους του νέου ατόμου;