On 26 May 2017, the Cypriot Ministry of Finance issued a new decree (the Decree) on Country-by-Country Reporting (CbCR) pursuant to the powers given under Section 6 (16) of the Assessment and Collection of Taxes Law. The Decree replaces the previous decree dated 30 December 2016.
The Decree provides more clarity with respect to identifying the reporting entity for a Multinational Enterprise (MNE) Group and reporting deadlines in accordance with the recommendations of the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Action 13 on CbCR.
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