Tuesday, 12 July 2016

Cyprus Ministry of Finance announces it will introduce CbC reporting legislation

Cyprus’ Ministry of Finance on April 27 announced its intention to amend the country’s legislative framework in relation to country-by-country (CbC) reporting, following the European Union Directive amending Directive 2011/16/EU, which was approved at the EU Finance Ministers Council meeting on May 25, 2016. The amendments are expected to be in line with the recommendations of Action 13 of the OECD final reports on Base Erosion and Profit Shifting (BEPS).
The ministry also announced that it support the provisions of Action 13 relating to the automatic exchange of country-by-country reports, and that all necessary procedures will be followed to adopt relevant provisions in domestic tax legislation.
Source: Deloitte