On 20 May 2024 the Cyprus Tax Department issued the final version of the Summary Information Table, now open for submission through the Tax For All (TFA) portal. All taxpayers with related party transactions must submit a Summary Information Table.
What is a Summary Information Table?
The SIT is a disclosure requirement for Transfer Pricing, designed for entities engaging in controlled transactions with related parties.
Regardless of the transaction value, the following information must be reported:
-Legal name of the counterparty
-Tax residency of the counterparty
-Tax Identification Number of the counterparty
-Type and value for each transaction
-Documentation method used to support each transaction
Submission Deadline
Effective from the 2022 tax year, taxpayers are required to submit their SIT through the TFA portal. The submission deadline for the 2022 SIT submission has been extended to 30 November 2024 and corresponds with the Income Tax Return filing deadline.
Penalties for Non-Compliance
Failure to comply with the submission requirements will result in an administrative fine of €500.
Action Required
All affected entities should review their obligations under this new requirement and ensure timely submission to avoid any penalties.
Taxpayers and their representatives are encouraged to visit the Q&A section of the Tax Department for more information.
Our firm stands ready to provide any assistance you may require navigating these changes effectively. Should you have any questions or need further clarification, please do not hesitate to contact us at info@nikitapartners.com.cy.
