On 30 June 2022, the Cyprus Parliament passed into law the transfer pricing (TP) rules and documentation requirements by amending the tax legislation. The OECD Transfer Pricing Guidelines have been legislatively incorporated in Cyprus.

The new requirements will be implemented for tax years starting from 1 January 2022 onwards and will apply to Cyprus tax resident persons and permanent establishments of non-Cyprus tax resident persons situated in Cyprus that involve transactions with related parties.

Harneys recent article providing detailed information on this subject can be found here.