Cyprus Tax Authorities introduce guidance for taxation of Intra-Group Financing Transactions

On 30 June 2017, the Cyprus Tax Authorities (the “CTA”) issued a tax circular (the “Circular”) with respect to the new rules for the taxation of back-to-back intra-group financing transactions. The Circular is effective as from 1 July 2017 and follows the application of the arm’s length principle set out in the OECD Transfer Pricing Guidelines.