31/05/2025
***IMPORTANT UPDATE 31/05/2025***
For persons that have an obligation to submit a Summary Information Table (SIT), as per below, the deadline for submission of the tax return together with the SIT has been extended as follows:
- For the tax year 2022: extended up to 28 February 2025, further extended up to 31 May 2025 and finally extended up to 13 June 2025
- For the tax year 2023: extended up to 30 November 2025
PREVIOUS UPDATE (13/6/2024)
From the tax year 2022 onwards, all taxpayers that engage in transactions with related parties, have to submit a Summary Information Table (SIT).
The SIT includes details of the related party transactions, including legal names, tax residencies, tax numbers, the values of the transactions and more.
The deadline for the submission of the SIT for the year 2022 has been extended up to 30 November 2024 whilst the normal submission date for the years 2023 onwards is together with the tax return i.e. 31 March each year.
The only way to submit the SIT is through the Tax For All (TFA) portal.
Taxpayers and their representatives are urged to visit the relevant Q&A section of the Tax Department here.
The Tax Department has also issued a guide for completing the SIT which can be found on their website (available only in Greek).
What is Summary Information Table (SIT)
The SIT is a critical component of Cyprus's transfer pricing compliance framework, aimed at ensuring that intercompany transactions are conducted at arm's length and are properly documented. Taxpayers engaged in controlled transactions must adhere to these requirements to avoid penalties and ensure compliance with Cyprus's tax laws.
The SIT serves as a high-level summary of intercompany transactions (generally more than 25% relation) and must include:
- Legal name of each counterparty
- Tax residency jurisdiction of each counterparty
- Tax Identification Number (TIN) of each counterparty
- Type of controlled transaction (e.g., sale/purchase of goods, provision/receipt of services, financing transactions, licensing/royalties, or other)
- Amount of each transaction category,
- Method used to determine arm’s length remuneration for each transaction
This information facilitates the Tax Department's assessment of compliance with transfer pricing regulations.
Submission Deadlines (updated)
For the tax year 2022, the deadline for SIT submission was extended to 13 June 2025. For the tax year 2023, the deadline is 30 November 2025. These submissions must be made through the TFA portal.
Penalties for Non-Compliance
Failure to submit the SIT by the prescribed deadline results in an administrative fine of €500. Additionally, failure to maintain adequate transfer pricing documentation, may incur penalties ranging from €5,000 to €20,000.
Entities with controlled transactions are required to maintain comprehensive transfer pricing documentation, including a Master File and a Local File subject to certain thresholds, in order to substantiate the arm's length nature of their intercompany transactions. These documents must be updated annually and made available to the Tax Department, upon request, within 60 days.
PGE&Co remains at your disposal for any clarifications and for further assistance that might be needed on this or on any other matter.