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.

In Detail

SIT is an additional filing requirement for Transfer Pricing purposes for taxpayers that are engaged in transactions with related parties (the so called “controlled transactions”). More specifically, the aforementioned taxpayers will need to disclose to the Cyprus Tax Department (CTD) some basic information regarding their controlled transactions, such as:

  • Legal name of the counterparty;
  • Tax Residency jurisdiction of the counterparty;
  • Tax Identification Number of the counterparty;
  • Type and Value for each transaction;
  • Documentation method used to support each transaction

Irrespective of the value of the controlled transactions, from 2022 tax year and onwards all taxpayers are obliged to submit their SIT through the TFA portal

The deadline for filing SIT is in line with the submission deadline of the Income Tax Return (i.e. 15-months after the respective year-end). Regarding 2022, the submission deadline was extended to 30 November 2024 to alleviate any potential burden or challenges faced by taxpayers in meeting their obligations within the initial timeframe.

Failing to comply with the above provisions, an administrative fine of €500 is imposed, according to the Assessment and Collection of Taxes Law.

Our Comments

We advise all affected persons to review their obligations and ensure compliance within the revised deadline, since failure to comply with the extended deadline will result in the imposition of penalties. It is however anticipated that the CTD and the Institute of Certified Public Accountants of Cyprus (ICPAC) will release further guidance in terms of these new filing requirements in the near future through the FAQ section.

Our team remains at your disposal for any assistance that you may require