On 1 February 2024, the Cyprus Tax Department published revised thresholds for what concerns the obligation to prepare a Local File for transactions with related parties (known as “Controlled Transactions”).
Through a circular issued on 7 July 2023, the Cyprus Tax Department (TD) clarified the method it considers as the most appropriate for determining the arm’s length pricing for financing transactions, including those of a “back-to-back” nature.
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