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06 December 2017 Cyprus Country-by-Country Reporting Notification deadline approaches for fiscal years ending 31 December 2017 In accordance with Cypriot tax legislation, as of 1 January 2016, each constituent entity of a Multinational Group with consolidated revenue exceeding €750 million that is tax resident in Cyprus must file a Country-by-Country (CbC) Reporting Notification with the Cypriot Tax Department. The Notification must contain the identity and tax residence of the Ultimate Parent Entity and the Reporting Entity of the Multinational Group. The filing of the Notification for fiscal year (FY) 2017 is due by the last day of the Reporting Fiscal Year of the Group (i.e., by 31 December 2017 for Multinational Groups with a 31 December Reporting Fiscal Year End). The Notification is filed electronically through the Government Gateway e-Portal called "Ariadni." Access to Ariadni is granted upon online registration followed by an in-person validation of the profile. Registration with Ariadni is a one-off process and is not required for entities which are already registered and have submitted a Notification for FY 2016. Failure to submit the Notification by the statutory deadline is subject to a monetary penalty of up to €5,000. In addition, it is noted that the deadline for submission of the CbC reporting tables for Multinational Groups with a filing obligation in Cyprus for the year ended 31 December 2016 is also on 31 December 2017. Document ID: 2017-5009 |
