Cyprus tax authorities issue clarification note regarding Bilateral Agreement with the United States

04 December 2024|Tax Alerts, Treaties, National/Federal Taxation, Treaties, Treaties, Global|United States, Cyprus

Cyprus tax officials have announced that the bilateral Competent Authority Agreement for the exchange of Country-by-Country reports with the United States, which is still under negotiation, is expected to be effective for reporting financial years (RFYs) beginning on or after 1 January 2024.
A secondary filing mechanism for a Cypriot Constituent Entity (CE) of a multinational enterprise group with a US-tax- resident Ultimate Parent Entity applies for RFYs beginning during calendar year 2023.
Cypri…

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