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Cyprus, United States To Begin Exchanging CbC Reports

Cyprus has actually introduced that an offer for the exchange of country-by-country records in between the region as well as the United States is anticipated to come to be efficient as well as cover reporting years beginning on or after January 1, 2020.

Second declaring of CbC records in Cyprus will certainly consequently be needed for reporting years beginning on or after January 1, 2019, and also prior to January 1, 2020.

On the commitment to inform the Cypriot authorities of which entity will certainly submit a record, the Cyprus tax obligation authority stated: “Where alerts for reporting beginning
on or after January 1, 2019, and also prior to January 1, 2020, have actually been submitted in
Cyprus by Cypriot Constituent Entities of MNE Groups which are impacted by
this statement, such notices need to be modified (if called for) in
conformity with this news. If such alerts are changed by December 31, 2020, no fines will certainly be enforced for the Reporting Fiscal Year beginning on or after January 1, 2019, as well as prior to January 1, 2020.”

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