Cyprus has announced that a deal for the exchange of country-by-country reports between the island and the US is expected to become effective and cover reporting years starting on or after January 1st, 2020.
Secondary filing of country-by-country reports in Cyprus will therefore be necessary for reporting years starting on or after January 1st, 2019, and before January 1st, 2020. On the obligation to notify the Cypriot authorities of which entity will file a report, the Cyprus tax authority stated:
“Where notifications for reporting fiscal years starting on or after January 2019, and before January 1st, 2020, have been filed in Cyprus by Cypriot Constituent Entities of MNE Groups who are affected by this announcement, such notifications must be revised in accordance with the regulations. If revisions are made by December 31st 2020, no penalties will be imposed for the Reporting Financial Year starting on or after January 1st, 2019, and before January 2020.”