Publications

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Submission of the Summary Information Table of Controlled Transactions and updating of the Documentation File for Controlled Transaction Prices

All taxpayers with related party transactions must electronically submit the Summary Information Table of Controlled Transactions to the tax department through the Tax For All (TFA) portal For the tax year 2022 by 28/02/2025 and For the tax year 2023 by 30/11/2025 Failure to submit the Summary Information Table of Controlled Transactions results in a fine of €500 for each person. The information included in the Summary Information Table is the VAT number, the name and tax residence jurisdiction of the counterparty, the type of the controlled transaction with the corresponding amounts. The five categories of controlled transactions are (a)          Goods (Sale and Purchase) (b)          Services (Provision and Receipt) (c)           Rights and other intangible assets (Sale/Provision and Purchase/Receipt) (d)          Financial transactions (Provision and Receipt) (e)          Others (Sale/Provision and Purchase/Receipt) Based on…
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Cyprus Tax Highlights 2024

Cyprus Tax Highlights 2024 Principal business entities: These are the public and private limited liability company, partnership and branch of a foreign corporation Tax year: 1 January till 31 December (calendar year) Accounting principles / financial statements: Financial statements must be prepared annually in compliance with the IAS/IFRS Individual taxation Chargeable income Tax rate Accumulated tax € % € 0 – 19.500 Nil Nil 19.501 - 28.000 20 1.700 28.001 - 36.300 25 3.775 36.301 – 60.000 30 10.885 over 60.000 35 Capital gains tax rate 0% / 20% Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Non-tax residents are only taxed on their income accrued or derived from sources in Cyprus. Certain types of income are subject to…