Cyprus Extends Deadline For CbC Reporting Entity Notification

by Jason Gorringe,, London

14 December 2017

The Cypriot tax authority has extended until January 15, 2018, the deadline for multinational corporations to submit their notifications concerning country-by-country reporting for 2017. The deadline had been December 31.

In December 2016, Cyprus issued a decree introducing CbC reporting obligations for multinational enterprises with consolidated group revenue of EUR750m (USD884m) or more.

One of the regime’s requirements is that a Cypriot resident member of a multinational group must inform the Cypriot tax agency whether it will file the CbC report, either as an “ultimate parent entity” or a “surrogate parent entity.”

CbC reporting was recommended by the OECD under Action 13 of its base erosion and profit shifting project. A CbC report should contain certain information relating to the global allocation of MNE income and taxes paid, together with information on where the group’s economic activity takes place.

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