Cyprus: Tax department announced the decree for the automatic exchange of CbC reports

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With reference to decree issued by the Ministry of Finance on 30 December 2016, the tax department of Cyprus has recently published an announcement regarding that decree for the automatic exchange of country by country reports.

The deadline for submitting the notifications of obliged entities will be the last day of the accounting year for submitting a country by country report. For the accounting years that begin between 1 January 2016 and 20th October 2016, the first notification will be due by 20 October 2017.

The closing date for submission of the country by country reports of the obliged entities will be 12 months from the last day of the accounting reporting year. The first accounting year for which CbC report is the accounting year commencing from 1 January 2016 or after that date.

For the purpose of submitting the notifications and CbC reports, entities will need to register with the Government Gateway Portal (Ariadni) www.ariadne.gov.cy, according to the instructions mentioned on the website of Ariadni.

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