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Next Previous Finance: Pricing Rules for Controlled Cross-Border Transactions Between Affiliates HOME • INSIDER • CYPRUS • Finance: Controlled Pricing Rules …
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Bills aimed at enacting a framework of rules for pricing controlled transaction prices, which relate to transactions, mainly cross-border, between related parties, were debated at the beginning on Monday by the Parliamentary Committee on Finance.
The purpose of the bills is to adopt the guidelines of certain Actions against the Erosion of the Tax Base and the Transfer of Profits of the Organization for Economic Cooperation and Development, in order to set clear standards for the guidance of intra-group transactions through rules and agreements. .
As mentioned by the representative of YPOIK, it is a “very important” package of bills which defines the methodology of prices that will be institutionalized for tax purposes, transactions between related parties.
He also said that with The bills also introduce a provision giving taxpayers the right to contact the Tax Officer to request pre-approval of a controlled transaction price methodology.
He noted that the framework of pricing rules for controlled transactions has been done in accordance with the guidelines of the Organization for Economic Cooperation and Development against corrosion of the tax base and transfer of profits and noted that the bills have been agreed with SELK.
A spokesman for the Tax Department said the bills were intended to introduce a tax framework for transactions between related parties, noting that investors were being given the opportunity to reach out to the Cypriot tax authorities to reach an agreement. which can not be overturned by other EU countries. market pricing that would have taken place if these persons had not been linked to each other but independently.
He noted that related parties tend to invoice each other in a way that reduces the total tax liability of the group to which they belong or the total tax liability of the final shareholders to whom they belong if they are individuals.
A representative of the Tax Department also mentioned that this legislation will give security and confidence to investors in terms of how to handle controlled transactions and noted that “such legislation is important for our country especially in such times that we are going through.” >
A representative of the Legal Service stated that the law on certification and collection of Taxes imposes administrative fines and added that in the course of time the changes will be examined and the corresponding legal control will be carried out on all bills.
The representative of SELK said that 60% to 70% of the global transactions are between groups of companies and noted that the specific legislation “is very important for Cyprus and is a product of discussion of the last five years”.
In addition, the Finance Committee debated a bill amending the Law on Insurance and Reinsurance and Other Related Matters in order to safeguard the functioning and stability of the insurance market due to the UK's withdrawal from the European Union, in order to ensure the protection of the beneficiaries in the context of the insurance contracts.
He also discussed at the beginning a bill that amends the law on Insurance and Reinsurance Works and Other Related Issues and aims to improve the liquidation procedure of an insurance company in case of revocation of the insurance license.
Finally, the Commission discussed the principle of or & nbsp; bill to empower the Minister of Finance to determine the procedure and manner of operation of alternative stamping, including stamping using electronic means. & nbsp;