Cypriot government release detailed provisions on tax reporting standards
On December 30th last year, the Minister of Finance in Cyprus issued a Declaration regarding its Country-by-Country reporting standards.
This legislation is currently administered by the powers conferred by Section 6 (16) of the Assessment and Collection of Taxes Law.
The declaration interposes the EU Directive (more specifically referred as the EU Council Directive 2016/881 by taxation specialists) into Cyprus regulations and lawmaking; therefore the provisions are closely associated with the current global standards on Country-by-Country Reporting as detailed in the Action 13 Report of the OECD/G20 BEPS Project.
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