Following the signing of the Multilateral Competent Authority Agreement on the exchange of Country by Country Reports on November 1st, 2016, with member states of the Organization of Economic Cooperation and Development, the Ministry of Finance announces its intention to issue a Decree by the end of 2016, pursuant to Article 6 (16) of Assessment and Collection of Taxes Law.
The Decree defines the requirements of the entities of Multinational Enterprises (MNE) Group with consolidated group revenue of €750 million and above in relation to the information to be provided to the Cyprus Tax Authorities under the Country by Country Report.
One of the requirements that is provided under the Decree defines that any Constituent Entity of an MNE Group that is resident for tax purposes in the Republic of Cyprus shall notify the Cyprus Tax Administration whether it is the Ultimate Parent Entity or the Surrogate Parent Entity, no later than the last day of the Reporting Fiscal Year of such MNE Group. The first notification shall take place on the 20th of October, 2017.
22 December, 2016
MINISTRY OF FINANCE
NICOSIA
