by Jason Gorringe, Tax-News.com, London

14 December 2017

The Cypriot tax authority has extended until January 15, 2018, the deadline for multinational corporations to submit their notifications concerning country-by-country reporting for 2017. The deadline had been December 31.

In December 2016, Cyprus issued a decree introducing CbC reporting obligations for multinational enterprises with consolidated group revenue of EUR750m (USD884m) or more.

One of the regime’s requirements is that a Cypriot resident member of a multinational group must inform the Cypriot tax agency whether it will file the CbC report, either as an “ultimate parent entity” or a “surrogate parent entity.”

CbC reporting was recommended by the OECD under Action 13 of its base erosion and profit shifting project. A CbC report should contain certain information relating to the global allocation of MNE income and taxes paid, together with information on where the group’s economic activity takes place.