As part of the advisory process, we ask questions and pay attention to your responses. Rather than relying on off-the-shelf services that could loosely fit a...
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
Change and ongoing transformation are fundamental requirements for success in the 21st century. The Grant Thornton Business Consulting team supports...
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
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While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
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Grant Thornton’s ISO 27001 and ISO 27701 specialists will arrange and oversee the formal audit process.
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As a service organization there are many ways to provide assurance to your customers and in turn other stakeholders over your control environment. One of the most effective and cost-efficient ways is to issue a Service Organization Control (SOC) Report.
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Grant Thornton’s Cyber Incident Response Team can support your business in the event of a cyberattack or data loss event. We work alongside your existing IT and Legal teams to provide a co-ordinated, timely and efficient investigation and remediation.
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We use a variety of dark and deep web monitoring tools that continuously scans illegal sites to discover any mention of your data, ranging from breached security credentials such as usernames and passwords to leaked confidential documents of your company.
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We offer a full suite of digital forensics and data acquisition services in investigations related to cybercrime, disputes, fraud and regulatory investigations.
Technology has transformed how we work, play, and do business. It has provided new solutions to old problems, disrupted traditional business models, and...
In all of our work our principal purpose is to preserve or create value for stakeholders. To achieve this, we utilise solutions that cover the following...
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If you're facing a time of personal or corporate financial crisis you need advice from someone who listens, who understands your specific issues and deals with them in a supportive and sensitive manner.
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Accelerated M & A
Even fundamentally sound businesses run into difficulties. Cash flow can come under pressure from the loss of a big client, or a dip in performance can threaten a breach of banking covenants if there is insufficient headroom.
Outsourcing your operations and specific business functions to Grant Thornton can not only cut costs, but also bring new insights and experience to your...
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Grant Thornton Cyprus understands the regulatory landscape and works closely with clients to understand their strategy and benchmark their performance against...
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At Grant Thornton, tax is a key part of our organisation and our award-winning teams can offer you a range of solutions, whatever the size of your business or...
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We can help you ensure a bespoke balance between tax compliance and effective tax planning for your special circumstances.
At Grant Thornton Cyprus’ AI and Data Lab, we help businesses unlock the hidden value of their data, empowering them to make smarter decisions, innovate...
Energy and resources markets worldwide are undergoing major changes. With growing energy demand, developments in new forms of energy and the need to invest in...
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Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...
Across the globe, not for profit organisations are increasingly expected to deliver more, while at the same time facing cuts in government funding and...
We work with all types of agencies, including central and state government, local government, donors (including bilateral and multilateral international...
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Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in hospitality and tourism. At Grant Thornton, we know...
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This unique programme was specifically designed by Grant Thornton Cyprus for highschool students (currently in year 5 or 6).
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We are a values-driven organisation and we have more than 56,000 people in over 140 countries who are passionately committed to these values.
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Transfer Pricing Alert
Update on the submission of the Summarized Information Table (SIT) for 2022
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
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