Angelina Alyabyeva, LLB(Hons), LLM, CYSEC AML Officer, ICA, AEA, Legal Associate, Mediator, Arbitrator
Introduction
This article serves to inform all legal entities and companies residing in Cyprus that they are required to comply with the Quarterly Services Survey (QSRVS) by the Central Bank of Cyprus (CBC). The deadline for submitting the QSRVS report for the second quarter of 2024 is fast approaching, expiring on August 19th, 2024.
Purpose of the QSRVS
The primary purpose of the QSRVS is to gather data that will be used to generate statistics on the economic interactions between Cypriot resident enterprises and non-residents in the service sector. This data is crucial for compiling quarterly and annual balance of payment statistics. These statistics are instrumental in analyzing economic ties with other countries and fulfilling Cyprus's commitments to international organizations such as Eurostat, the European Central Bank (ECB), and the International Monetary Fund (IMF).
Who Must Comply with the QSRVS?
The QSRVS applies to all legal entities residing in Cyprus that engage in the trade of services and specific goods with other countries.
If your company does not fall, you can revert in the email with the answer that it is irrelevant to your business.
Reporting Frequency and Deadline
The relevant quarterly reports must be submitted to the CBC within 35 working days after the quarter's end. For instance, the deadline for submitting the QSRVS report for the second quarter of 2024 is August 19th, 2024.
Recording Transactions
The provision of services should be recorded based on the accrual basis within each reference period. This signifies that services must be recorded when rendered, not when payment is received.
Reporting Currency
Reporting entities are obligated to report data in euros, rounded to the nearest whole number.
Sign Convention
Data must be reported with a positive sign, with the exception of "Goods acquired under merchanting" in FORM2. The value for this specific item should be reported with a negative sign.
Submission Process
The QSRVS survey must be submitted electronically through the CBC's e-business platform. The reporting entity or a designated representative can submit the survey. If a representative is chosen to submit the survey, prior approval from the CBC is mandatory. A representative can be any resident individual or legal entity authorized by the CBC to submit the survey forms on behalf of the reporting entity.
Legal Basis
The collection of this statistical data is mandated by Regulation (EC) No 184/2005 (as amended), the Guidelines ECB/2011/23 and ECB/2013/24 (as amended), and Articles 6 (section (2) (h)), 63, and 64 of the Central Bank of Cyprus Laws of 2002-2017. It is crucial to note that even when a representative submits the data, the legal responsibility for compliance remains with the reporting entity, not the representative.
Conclusion
All legal entities and companies residing in Cyprus that trade in services and specific goods with other countries must adhere to the QSRVS requirements. The deadline for submitting the QSRVS report for the second quarter of 2024 is August 19th, 2024
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