Cyprus: Arrangement with United States for exchange of country-by-country reports

It is anticipated the CAA would apply for reporting fiscal years beginning on or after 1 January 2021.

Exchange of country-by-country reports

The Cypriot tax department issued an announcement with regard to negotiations for a competent authority arrangement (CAA) for the exchange of country-by-country (CbC) reports between Cyprus and the United States.

Once negotiations are completed, it is anticipated the CAA would apply for reporting fiscal years beginning on or after 1 January 2021.

If the agreement is completed and entered into, when the ultimate parent entity of a multinational group of enterprises (MNEs) is tax resident in the United States, the secondary filing mechanism would be triggered for reporting fiscal years beginning on or after 1 January 2020 and before 1 January 2021.
 

Read an October 2021 report prepared by the KPMG member firm in Cyprus

 

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