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30 December 2016

Cyprus adopts Country-by-Country Reporting

The Cypriot Ministry of Finance issued a Decree on December 30 pursuant to Article 6 (16) of the Assessment and Collection of Taxes Law on Country-by-Country Reporting. The Decree is in accordance with a European Union Directive of May 25, 2016, requiring all EU Member States to implement a Country-by-Country Reporting (CbCR) obligation in their national legislation in accordance with the recommendations of OECD BEPS Action 13. All Cypriot tax resident entities that are part of a Multinational Enterprise Group with consolidated group revenue of €750 million and above will need to comply with the CbCR requirements for financial years starting on or after January 1, 2016.

A Tax Alert prepared by EY Cyprus, attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-2245

Document ID: 2016-2245

 

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