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Ημερίδα Γνωριμίας με την Grant Thornton Κύπρου
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Transfer Pricing Alert
Extension of the submission date for persons who are obliged to submit a Summarized Information Table (SIT) for tax years 2022 and 2023
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
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 will be in line with the submission deadline of the Income Tax Return (i.e. 15-months after the respective year-end). However, regarding 2022 and 2023, the submission deadline has been extended to 28 February 2025 and 30 November 2025 respectively, 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 deadlines, 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.
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