Cyprus Compliance: Uncovering Overlooked TP Transactions

On May 27, 2024, the Cyprus Tax Authorities (CTA) released additional advancements and guidance, exclusively in Greek, regarding the Cyprus transfer pricing (TP) regulations. These updates detail the procedures for filing and completing the summary information table (SIT). The SIT requires comprehensive information on related party transactions, including the identification of counterparties, their tax residency jurisdiction, and the transaction values for each of the five transaction categories: (1) sale/purchase of goods; (2) provision/receipt of services; (3) financial transactions; (4) receipt/payment of IP licenses/royalties; and (5) others. Consequently, the precise identification and documentation of controlled transactions are crucial. However, many ...