Cyprus tax department releases new guidance on CRS deadlines and the online portal

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

Cyprus tax department releases new guidance on CRS deadlines and the online portal

New CRS Reporting Deadline

Going forward, all Financial Institutions show be aware that the reporting deadline for CRS purposes has changed to the later date of 21st of July 2017, as opposed to the previously arranged date of June 30th 2017.

Registration & Nil Report

The   Cyprus   Tax   Department   informs   the   Financial   Institutions   and   their representatives  that,  the  registration  with  the  Government  Gateway  Portal and the new e-service is not  compulsory  for company’s unless  they  have  data  to  submit  under  the  Common  Reporting Standard for 2016.

If a company has  already  signed up for the  CRS e-service, however has  no data to submit, it can proceed with one of the two choices stated below:

  1. Submit  a  Nil  Report  as per  the  “Sample  Nil  Report”  which  is available online on the Cyprus Tax Department website.
  2. Request  to  deactivate  from  the  CRS  e-service  following  the  procedure described  in  the Registration & Data Submission User Guide, which is also available online.

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