31 December 2020 is the submission deadline for the following Country-by-Country (CbC) Reporting obligations in Cyprus:
For accounting years which are not the same with the calendar year different deadlines apply.
It is reminded that a Cyprus company which is a member of a reportable international group can be reported in one of the following ways:
It is also reminded that CbC Reporting applies to large MNE groups with annual consolidated group revenue of EUR750 million or more in the previous fiscal year.
On 4 September 2020 the Cyprus Tax Department announced that in respect of MNE Groups of which the ultimate parent entity is resident in the USA, the local secondary filing mechanism will be triggered for the 2019 Reporting Fiscal Year. This is because the bilateral CbC exchange agreement between Cyprus and the USA is still under negotiation.
A penalty of up to EUR10,000 in respect of Reports and EUR5,000 in respect of Notifications, may be imposed on a Cyprus company with a duty to report/notify for late filing. Under certain circumstances the penalty can increase up to EUR20,000.