The Right Response at the Right Time Law Support

Lawyer in Cyprus Location

8 Kennedy Ave., Office 101, CY-1087, Lefkosia, Cyprus Mon - Fri 09:00-18:00 Online Chat : 24/7


C. Hadjivangeli & Partners LLC

Advocates – Legal Consultants


Cyprus lawyer INT:+357-22366777

Upcoming CbC filing deadlines

Upcoming CbC filing deadlines

Upcoming CbC filing deadlines

We would like to remind you that December 31, 2021 is the deadline for filing the following Country Reporting Obligations (“CbC”) in Cyprus:
• Submission of CbC reports for the reporting fiscal year 2020 (for groups of multinational companies with a year-end of December 31, 2021).
• Submission of CbC notices for the fiscal year 2021 (for multinational enterprise groups with year end December 31, 2021).

Who are the CbC Requirements?

CbC Reporting applies to groups of large multinational enterprises (“MNEs”) with an annual consolidated group income of € 750 million or more in the previous financial year.
Cypriot entities that are members of such MNE groups are required by law to file CbC notifications in Cyprus.
Certain Cypriot entities are also required to file a CbC report in Cyprus (for example, in case they are the ultimate parent, appointed as a surrogate parent, or when a local secondary filing obligation arises).

What are the penalties for non-compliance?

A fine of up to € 10,000 and € 5,000 in respect of each CbC report and notification, respectively, may be imposed on the Cypriot constituent entity for non-compliance. In certain circumstances, each fine can be increased to 20,000 euros.

Обращаем ваше внимание на то, что данная статья носит исключительно информационно-ознакомительный характер. Для получения дополнительных консультаций свяжитесь с нами по указанным на сайте контактам.

Post A Comment

Your email address will not be published. Required fields are marked *