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On 25 October 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the Council of Ministers in their latest meeting decided to extend the date of submission of the Income Tax Return, for persons who have an obligation to submit a SIT for their controlled transactions for 2022 and 2023 as follows: • Income Tax Return 2022: extension until 28 February 2025 • Income Tax Return 2023: extension until 30 November 2025

On 20 May 2024, the Cyprus Tax Department (“CTD”) released an announcement informing all taxpayers that the final version of the Summarized Information Table(“SIT”) is now available and can be submitted through the Tax For All (“TFA”) portal

On 23 February 2024, a Decree was published in the Official Gazette of the Republic, extending the statutory deadline for the submission of the Income Tax Return for the tax year of 2022 from 31 March 2024 to 30 November 2024.

On 01 February 2024, the Cyprus Tax Department (“CTD”) published a letter from the Commissioner of Taxation to the Institute of Certified Public Accountants of Cyprus, the Cyprus Chamber of Commerce and Industry and Cyprus Employers & Industrialists Federation regarding their intention to revise the designated thresholds for the preparation of a Cyprus Local File, effective from tax year 2022.

On 17 January 2023 the European Parliament (“EP”) approved the European Commission’s (“EC”) proposal of 22 December 2021, for a Council Directive to introduce stricter substance requirements to combat tax benefits claimed by “shell entities”.

On 30 June 2022, Cyprus opened a new chapter with regards to transactions with controlled parties and Transfer Pricing. Read more.

The Council of Ministers of Cyprus approved, on 10 May, a bill with new tax incentives aimed at attracting foreign talent to Cyprus and encouraging international companies to relocate their headquarters to Cyprus.

We would like to inform you that in accordance with the Decree issued on 12 March 2021, the following electronic submission deadlines are extended to 30 September 2021

We would like to inform you that the Cyprus Tax Department announced on 03 February 2021, that the EU Directive regarding DAC6 is expected to be incorporated into the Cypriot legislation within the current month.

A government bill passed, to offer tax credits to landlords as an incentive to lower rents to help tenants who find themselves in financial difficulty due to lockdown against COVID-19.