Cyprus, US To Begin Exchanging CbC Reports

by Lorys Charalambous, Tax-News.com, Cyprus

22 September 2020

Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020.

Secondary filing of CbC reports in Cyprus will therefore be necessary for reporting years starting on or after January 1, 2019, and before January 1, 2020.

On the obligation to notify the Cypriot authorities of which entity will file a report, the Cyprus tax authority said: "Where notifications for reporting fiscal years starting on or after January 1, 2019, and before January 1, 2020, have been filed in Cyprus by Cypriot Constituent Entities of MNE Groups which are affected by this announcement, such notifications must be revised (if required) in accordance with this announcement. If such notifications are revised by December 31, 2020, no penalties will be imposed for the Reporting Fiscal Year starting on or after January 1, 2019, and before January 1, 2020."

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