The Tax Commissioner has announced on 1st February 2024, an increase in the thresholds requiring the preparation of a Local File for the tax year 2022. The thresholds have been increased from €750,000 per category to the following:
a) €5,000,000 for controlled transactions within the category “Financing Transactions”,
b) €1,000,000 for each of the remaining categories of controlled transactions
It is specified that the requirements of tax circular 6/2023 for persons that are exempted from the preparation of a Local File, remain in effect.
