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ARTICLE · 16 SEPTEMBER 2020

Bilateral Agreement Between Cyprus And The United States

Soteris Pittas & Co L.L.C
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The Cyprus Tax Department announced that the bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America.

CyprusTax
Maria Pitta
Maria Pitta
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The Cyprus Tax Department announced that the bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America, which is currently under negotiation, is expected to be effective for Reporting Fiscal Years starting on or after 1 January 2020. Consequently, in the case where the Ultimate Parent Entity of a Multinational Group of Enterprises (MNE) is tax resident in the United States of America, the secondary filing mechanism should be triggered for Reporting Fiscal Years starting on or after 1 January 2019 and before 1 January 2020.

In the cases where notifications for reporting fiscal years starting on or after 1 January 2019 and before 1 January 2020 have been filed in Cyprus, by Cypriot Constituent Entities of MNE Groups ,which are affected by this announcement, such notifications must be revised, if required, in accordance with this announcement, which has been published by the

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