On 24 May 2024, the Cyprus Tax Department released the Quality
Assurance Review (QAR) template for the Cyprus Local File.
Consideration for covered persons
In line with the provisions of the transfer pricing regulations
in Cyprus, a QAR of the Cyprus Local File must be conducted by an
individual holding a practicing certificate from the Institute of
Certified Public Accountants of Cyprus (ICPAC). QAR is performed to
establish whether the Local File is compliant with the provisions
of Article 33 of the Income Tax Law as well as the applicable
transfer pricing regulations.
Taxpayers required to prepare a Local File must also ensure that
a QAR is performed by a certified professional. Without a duly
signed QAR, the Local File will be considered non-compliant
according to the Cyprus legislation. In addition, a QAR is required
to be attached as part of the documents accompanying the submission
of the Table of Summarised Information.
