Cyprus Mail

Finance ministry to issue decree on country-by-country reports for multinationals

The finance ministry said that it intends to issue by the end of 2016 a decree defining the obligations of multinational enterprises on the “country-by-country” reports.

The issuance of the decree, which will apply to multinational entities with a consolidated annual turnover in excess of €750m, results from Cyprus’s obligations following the signing of multilateral competent authority agreement of the Organisation of Economic Cooperation and Development (OECD) on November 1, the ministry said in an emailed statement on Friday.

“One of the requirements that is provided under the decree defines that any constituent entity of an multinational group that is resident for tax purposes in the Republic of Cyprus shall notify Cyprus’s tax administration whether it is the ultimate parent entity or the surrogate parent entity, no later than the last day of the reporting fiscal year,” the ministry said.

The ministry added that the first filing of this information will take place in October next year.

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