The Cyprus Tax Department has increased the thresholds applicable to taxpayers' transfer pricing documentation obligations.The higher thresholds are effective for tax year 2022. Executive summaryOn 1 February 2024, the Tax Department issued revised thresholds relating to taxpayers' obligation to prepare a Cyprus Local File for transactions falling within the ambit of Section 33 of the Income Tax Law (ITL) (i.e., intercompany transactions). The revised thresholds are applicable for the tax year 2022.Detailed discussionIn accordance with the provisions of the ITL, the Cyprus Local File obligation arises for connected persons that are tax residents in Cyprus, or permanent establishments in Cyprus of...