ARTICLE · 02 NOVEMBER 2022

Clarification On Bilateral Agreement

KPMG in Cyprus

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The Cyprus Tax Department with an announcement on 13 October 2022, informs all legal entities and their representatives that the bilateral Competent Authority Arrangement for the exchange of Country-by-Country (CbC Reports) ...

CyprusTax

George Markides

Katerina Papanicolaou

Costas Markides

Stelios Stylianou

Michalis Loizides

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The Cyprus Tax Department with an announcement on 13 October 2022, informs all legal entities and their representatives 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 2022. 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 2021 and before 1 January 2022.

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