On 20 May 2024, the Cyprus Tax Department released the final version of the Table of Summarised Information (TSI) form for the tax year 2022, which is now available for submission on the Tax For All (TFA) portal.
Consideration for covered persons
The TSI is a new transfer pricing reporting obligation for taxpayers involved in transactions with related parties (controlled transactions). From the 2022 tax year and onwards, taxpayers engaged in controlled transactions (irrespective of the value of the transaction) are required to prepare and submit their TSI via the TFA portal.
The deadline for submission was extended in an earlier announcement by the Cyprus Tax Department to 30 November 2024.
It is imperative for obligated taxpayers to meet this deadline. Under the Assessment and Collection of Taxes Law, failure to submit the TSI on time will bear an administrative fine of five hundred euros (€500).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.