Cyprus introduces public CbC reporting

10.02.2025 Cyprus has published amendments to the Companies (Amendment) Act (No. 5) Law of 2024, which introduced public country reporting (CbC) in accordance with Directive (EU) 2021/2101.
CbCr requirements apply to groups of multinational enterprises (MNPs), whose consolidated income for the previous financial year amounted to 750 million euros or more.

The reporting obligation is usually assigned to the ultimate parent company of the MNP group if it is a tax resident of Cyprus.

If the parent company is located in a jurisdiction that has no CbCr obligations or does not exchange reports, then the filing of the report may be assigned to the surrogate parent company in Cyprus.
Thus, the amendments established a threshold for public reporting in the amount of annual consolidated income of 750 million euros for each of the last two consecutive financial years. If necessary, a public report on the CbC must be submitted to the Register of Companies within 12 months after the end of the financial year to which the report relates. In addition, the reporting company must publish the report on its website in Greek or English within the same 12-month period, and it must remain publicly available for at least 5 years.
The CbC's public reporting requirements apply to fiscal years beginning on or after June 22, 2024.


Link to the source: https://www.mof.gov.cy/mof/tax/taxdep.nsf/all/C95E0825B5FDF892C225825E002F489B/$file/QA%201.pdf?open...