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Cyprus, United States To Begin Exchanging CbC Reports

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

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

On the commitment to alert the Cypriot authorities of which entity will certainly submit a record, the Cyprus tax obligation authority claimed: “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 influenced by
this statement, such alerts need to be modified (if needed) in
conformity with this statement. 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, and also prior to January 1, 2020.”

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