On October 14, 2024 the Cypriot Tax Department updated its FAQs about transfer pricing which clarify several points, including the deadline for filing the 2022 Summary Information Table (SIT), which is set for November 30, 2024.
They also address whether companies need to include outstanding, interest-free payable balances in the local file and on the SIT. Additionally, businesses with controlled transactions below the €750,000 threshold must still report them on the SIT. The guidelines also specify reporting requirements for Cyprus tax resident companies, who can submit the SIT, and who is responsible for preparing and ensuring the quality of the local file.