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27 May 2016
On April 27 2016 the Ministry of Finance announced that it intends to make the necessary amendments to domestic law in order to introduce country-by-country reporting in line with the draft EU directive amending EU Directive 2011/16/EU on administrative cooperation in the field of taxation, which is expected to be approved in May 2016 by the EU Economic and Financial Affairs Council. The draft directive requires member states to make the necessary amendments to domestic legislation by the end of 2016 and apply the relevant provisions from the start of 2017.
When the provisions are implemented, the parent company of any multinational group with a consolidated turnover in excess of €750 million in the preceding year will be required to compile a country-by-country report providing analysis of income, taxes and business activities by tax jurisdiction and to submit it to the tax authority of the jurisdiction where it is resident for tax purposes. The tax authority is required to exchange this information automatically with the jurisdictions concerned within 15 months of the end of the tax year covered by the report.(1) If the jurisdiction in which the parent company is tax resident does not introduce provisions for country-by-country reporting, the relevant information must be submitted by:
For further information on this topic please contact Philippos Aristotelous at Andreas Neocleous & Co LLC by telephone (+357 25 110 000) or email (email@example.com). The Andreas Neocleous & Co LLC website can be accessed at www.neocleous.com.
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