On 12 February 2025, the Cyprus Tax Department ("CTD") announced that, by decision of the Commissioner of Taxation, no administrative fines will be imposed on taxpayers for late submission of the Income Tax Return ("TD4") and the Table of Summarized Information ("TSI") for the tax year 2022, provided that the filing is completed by 31 May 2025.
Submission after 31 May 2025 will result in the imposition of administrative fines as follows:
- Imposition of an administrative fine of €500 for late submission of the TSI for the tax year 2022.
- Imposition of a monetary charge of €100 for late submission of the TD4 for the tax year 2022.
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.
