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ARTICLE · 12 AUGUST 2022

Cyprus Transfer Pricing Legislation

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The Cyprus Parliament has introduced new legislation on Transfer Pricing in an aim to comply with action points 8-10 "Aligning the Transfer Pricing Outcomes with Value Creation" of the...

CyprusTax
Marios Palesis
Marios Palesis
Stelios Lympouras
Stelios Lympouras
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This is a joint article with the company T.P. Alfa Services

A. INTRODUCTION

The Cyprus Parliament has introduced new legislation on Transfer Pricing in an aim to comply with action points 8-10 "Aligning the Transfer Pricing Outcomes with Value Creation" of the Base Erosion and Profit Shifting (BEPS)initiative.

This tax brochure will provide an analysis on the new legislation providing insight as to who is obliged to maintain and report the transactions performed between associated enterprises, what should be maintained and reported and what are the penalties for incomplete, late or no submission of the relevant information if requested by the Tax Authorities.

B. WHO IS CONSIDERED RELATED PARTY UNDER THE UPDATED ARTICLE ON ARM'S LENGTH PRINCIPLE.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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