On 26 February 2021, the Cyprus Tax Authorities announced a three-month extension for the imposition of administrative fines in instances of late submissions of reportable cross-border arrangements.

The Tax Department will not begin imposing administrative fines until 30 June 2021 in regards to reportable cross border arrangements made between:

• 25 June 2018 and 30 June 2020 (which had to be submitted by 28 February 2021)
• 01 July 2020 and 31 December 2020 (which had to be submitted by 31 January 2021)
• 01 January 2021 and 31 May 2021 (which had to be submitted within 30 days from the date of the relevant triggering event)
• 01 January 2021 and 31 May 2021 (which had to be submitted within 30 days from the date when secondary intermediaries provided applicable services).

For your reference, please find the unofficial translation of the Tax Department’s announcement here.