The EU Council revised its list of non-cooperative jurisdictions for tax purposes on 20 February 2024, removing the Bahamas, Belize, Seychelles and Turks & Caicos Islands.
Through an announcement dated 23 February 2024, the Cyprus Tax Department notified a decree issued by the Council of Ministers of the Republic of Cyprus providing for the extension of the deadline...
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”).
The EU Council revised its list of non-cooperative jurisdictions for tax purposes on 17 October 2023, adding Seychelles, Belize and Antigua and Barbuda.
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.
The Cyprus Tax Department issued a circular for transactions falling below the threshold for the preparation of a Local File.
The EU Council revised its list of non-cooperative jurisdictions for tax purposes on 14 February 2023, adding Russia, the British Virgin Islands (BVI), Costa Rica and the Marshall Islands.
On 19 November 2021 the Cyprus Tax Department issued a Circular providing clarifications on the administrative fines imposed for non-compliance with DAC6 reporting obligations.
