On 16 September 2019, the Cyprus Tax Department announced that the legislation implementing the EU Directive 2018/822 on mandatory disclosure requirements will be introduced before the end of 2019. The announcement confirmed that, for arrangements made between June 25, 2018 and June 30, 2020, the first reports should be submitted in Cyprus prior to August 1, 2020.
The Directive broadly reflects the objectives of Action 12 (Mandatory Disclosure Rules) of the OECD BEPS project. Though it introduces mandatory disclosure rules across the EU, but it goes beyond the OECD recommendations by introducing automatic exchanges of the disclosures across Member States. The reporting obligation primarily applies to intermediaries that design, market, organize, or manage the implementation of a reportable arrangement.
