On 25 October 2024, the Cyprus Tax Department ("CTD") announced that the Council of Ministers, in its meeting on 24 October 2024, decided to extend the deadline for submitting the 2022 and 2023 Income Tax Returns ("ITR") for persons obligated to submit the Table of Summarized Information ("TSI").
The announcement will be posted on the CTD website once it has been published in the official Cyprus Gazette.
Extension of the deadline for submitting TSI
According to the announcement, the deadlines for submitting the ITR and the TSI will been extended as follows:
- 28 February 2025 for the tax year 2022; and
- 30 November 2025 for the tax year 2023.
Consideration for covered persons
Taxpayers subject to these requirements are encouraged to assess their reporting obligations in advance to ensure compliance with TSI submission and to prepare the necessary transfer pricing reports in accordance with Article 33 of the Income Tax Law and Circular 6/2023, which may, on a case-by-case basis, include the following:
✓ The Local File;
✓ The Master File; and
✓ Minimum Transfer Pricing documentation.
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.
