Cyprus has published the Companies (Amendment) (No. 5) Law of 2024 in the Official Gazette on 6 December 2024, implementing the public Country-by-Country (CbC) under Directive (EU) 2021/2101 which establishes a reporting threshold for companies with annual consolidated revenues of at least EUR 750 million in the last two consecutive financial years.
The public CbC reporting requirements will take effect for financial years beginning on or after 22 June 2024.
Under the directive, the public CbC report must be submitted to the Register of Companies within 12 months following the end of the financial year. The report must be published in Greek or English on the reporting entity’s website within the same 12-month deadline and remain publicly available for at least five years.
Cyprus also adopted the “safeguard clause,” allowing groups to omit information for up to five years if disclosure would cause significant competitive loss to the concerned companies, provided they justify the omission.
Public CbC reporting requirements apply to ultimate parent companies and standalone companies meeting certain thresholds. However, they are exempt if they operate within one EU Member State and have no other tax jurisdiction. In addition, reporting companies may include branches or subsidiaries in Cyprus if the group’s ultimate parent is in a non-EU country. However, this does not apply if the ultimate parent publishes a free, publicly available CbC report in an EU official language within 12 months of the end of a financial year.
