The information that are reported via the QSRVS is vital for compiling the country’s quarterly and annual Balance of Payments statistics, which help analyze Cyprus’ economic interactions with the rest of the world. Simultaneously, Cyprus fulfils its obligations to international organizations, including the European Statistical Office (Eurostat), the European Central Bank (ECB), and the International Monetary Fund (IMF).
Legal Framework: The collection of the required statistical data is governed by the provisions of Regulation (EC) No. 184/2005 (as amended), Guidelines ECB/2011/23 and ECB/2013/24 (as amended) and Articles 6 (subsection 2(h)), 63, 64 and 64A of the CBC Laws of 2002-2019. It is worth noting that in the case of submission of the required data through a representative, the legal obligation to comply with the above remains with the reporting entity and not the representative.
Who is the survey aimed at?
The QSRVS is aimed at legal entities, residents of Cyprus, which are involved in trade in services and other specified goods with residents and legal entities of other countries.
Data frequency and submission deadline:
The QSRVS is conducted on a quarterly basis. The relevant quarterly reports must be submitted to the Central Bank of Cyprus (CBC) within 35 working days after the end of the quarter for which the report is made.
Time of recording of transactions:
All transactions involving the provision/reception of services should be reported on an accrual basis. Specifically, they should be recorded during the period in which the service is provided/received, and not when payment is made for the service in question.
Reporting Currency:
All reports should be made in Euros. Any transaction in foreign currency should be converted into euros, using the exchange rate in effect on the date of the transaction.
Confidentiality:
In accordance with the relevant national legislation, the data and information provided to the CBC is covered by professional secrecy and is treated confidentially. The data under the said reporting are used exclusively for statistical purposes and are made public only in aggregated form, without disclosing the identity of the entities to which they refer.
Fines imposed by the court:
Person who contravenes any of the provisions of the regulation shall be guilty of an offence and shall be liable on conviction to a fine not exceeding eighty-five thousand and four hundred thirty euros (€85.430) and, in case of a continuing offence, by a further fine of one thousand seven hundred and eight euros (€1.708) for each day during which the offence continues.
In the event that CBC in exercising its task to collect data and information ascertains an infringement of the obligation for reporting data and information under this Part, and to the extent that there is no provision for the exclusive competence of the ECB to impose sanctions, the Governor may, after having heard the person concerned, impose an administrative fine not exceeding one hundred two thousand and five hundred sixteen euros (€102.516) and, in case of a continuing infringement, impose, in addition, an administrative fine not exceeding eight hundred and fifty euros (€850) for each day during which the infringement continues.
Submission of preliminary and revised data
If, on the day of submission of the required data to the CBC, the actual data is not available, then, preliminary data should be submitted, based on careful assessments, to ensure that the data is submitted within the specified time limits. Actual values should be submitted as revisions, as soon as they are available.
For more information, please send your queries at floros@bybloserve.com
DISCLAIMER: The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.