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