Tax News: 07/2023

On 6 July 2023, with retrospective effect as of 1 January 2022, the Cyprus Tax Department (‘TD’) has issued a Circular with respect to simplified documentation to be prepared for controlled transactions of any category as well as for the use of safe harbors for certain types of financing transactions between related parties and for low value added services, provided that the taxpayer is exempted from the obligation to maintain a Cyprus Local File based on the provisions of Article 33(9)(a) of the Income Tax Law.

Here you can find the details of the Circular.

Our Tax Department remains at your disposal for any further clarifications you may need in relation to the above.