Cyprus Legislates For CbC Reporting
by Jason Gorringe, Lowtax.net, London
09 January, 2017
Cyprus on December 30 issued a decree implementing country-by-country reporting obligations for multinational enterprises.
Country-by-country reporting has been recommended by the OECD under Action 13 of its base erosion and profit shifting (BEPS) project. A country-by-country 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.
The decree defines the reporting requirements to be met by the entities of an MNE Group with consolidated group revenue of EUR750m (USD781) and above.
One of the reporting requirements is that each Cyprus resident member of an MNE Group must notify the Cyprus Tax Administration of whether it is required to file as either an "ultimate parent entity" or a "surrogate parent entity."
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