Extended deadline for the CbCR filings

We would like to inform you that in accordance with an announcement issued by the Cyprus Tax Department on 15 December 2020, the following filing deadlines are extended to 31 January 2021:

• submission of CbC reports, covering the period from 01 January 2019 to 31 December 2019 (including secondary filing obligation and equivalent reporting)
• submission of CbC notifications, covering the period from 01 January 2020 to 31 December 2020.

Non compliance

Penalties will be imposed depending on the type of non-compliance:

• CbC report late filing: up to €10.000
• CbC notification late filing: up to €5.000.

The penalties may be increased up to €20.000 in certain circumstances.

How we can help

• assess the impact of the CbCR provisions to your business
• review of the MNE group structure and identification of any CbC reporting obligations
• assist in the preparation and submission of CbC reports and notifications in Cyprus.