On 11 December 2017, the Cyprus Tax Department (CTD) announced the extension of certain deadlines related to Country-by-Country (CbC) Reporting. Αs 2017 is the first year that CbC filings become due, the extensions will facilitate the compliance of taxpayers with the new legislation.
Submission of CbC Reports for 2016 Reporting Fiscal Year
An extension has been granted by the CTD for the filing of the first CbC Reports (in respect of MNE groups which have a Reporting Fiscal Year ended 31 December 2016). The CTD has extended the deadline for Reporting Entities filing such CbC Reports in Cyprus to 28 February 2018 (previously 31 December 2017).
Submission of CbC Notifications for 2017 Reporting Fiscal Year
Furthermore, the deadline for those Cypriot Constituent Entities which had a 31 December 2017 deadline to file their notifications for the 2017 Reporting Fiscal Year has been extended to 15 January 2018.
We would like to remind you that entities that are required to make filings in respect of CbC requirements must be registered with the Ariadni Governmental Gateway Portal and that non-compliance with the legislation will result in the imposition of administrative fines.