The Quality Assurance Audit Certification for the Cyprus Transfer Pricing Documentation File is a mandatory requirement under Cyprus tax law. It ensures that companies operating in Cyprus adhere to transfer pricing regulations and maintain accurate records.
Key Points of the Certification Process
- Verification of Quality Audit Execution:
- The certification validates that a comprehensive quality audit of the Cyprus TP Documentation File has been conducted.
- This ensures the accuracy and compliance of the documentation with local and international transfer pricing standards.
- Documentation of Audit Results:
- The auditor must record detailed findings of the quality assurance audit.
- Each item in the audit checklist is evaluated as “satisfactory” or “unsatisfactory.”
- Audit Certification by Licensed Professional:
- The audit must be performed by a certified public accountant registered with the Institute of Certified Public Accountants of Cyprus (ICPAC).
- The audit must be completed before the deadline for submitting the income tax return.
- Language of Submission:
- The audit certification must be submitted in Greek.
- Filing through Tax Portal:
- The Summary Information Table of Controlled Transactions must be filed through the Tax For All (TFA) portal.
- Non-Negotiable Wording:
- The wording of the Quality Assurance Certification is fixed, with limited exceptions.
Strict Monitoring by the Tax Department
The Cyprus tax department conducts thorough audits to verify:
- The accuracy of information submitted in the Summary Information Tables.
- The compliance of Cyprus TP Documentation Files with transfer pricing regulations.
Importance of the Certification
The certification process is essential for:
- Ensuring compliance with transfer pricing regulations.
- Maintaining transparency and accountability in controlled transactions.
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.
