Cyprus specifies notification requirement for country-by-country reporting

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Cyprus’ Ministry of Finance on December 22 announced that it will issue a decree setting out the requirements for country-by-country reporting for multinational enterprises.

The Ministry states that the guidance will require resident constituent entities of MNE groups to notify the Cyprus government as to whether it is the ultimate parent entity or a surrogate parent entity.

Such notification will be required no later than the last day of the reporting fiscal year of the MNE group. As such, the first notification shall take place on October 20, 2017, the Ministry said.

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