Cyprus transfer pricing documentation guide
February 26, 2008
Maarten Koper and Susanne Verloove, of Ernst & Young in Cyprus, discuss the regime for transfer pricing documentation
On May 1 2004 Cyprus joined the European Union (EU). Before the accession Cyprus thoroughly revised its corporate income tax regime to make the Cypriot tax legislation compatible with requirements of the EU and the OECD. The new regime was introduced in 2003 and was –in essence– also used as an opportunity to introduce (limited) transfer pricing rules in Cyprus. This, including the arm’s length principle, was codified in the new tax law and must be observed in transactions between related or associated parties. Currently there is no formal requirement to maintain transfer pricing documentation in Cyprus. (picture: Limassol)
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