ΠΕΡΙΓΡΑΦΗ

Value Added Tax (VAT) affects virtually every business transaction. Whether buying, selling, importing, exporting, or providing services, understanding the VAT implications is essential to ensuring compliance and avoiding costly errors. 

This practical and interactive programme provides participants with a comprehensive introduction to the Cyprus VAT system, covering both domestic and cross-border transactions. The seminar explains the fundamental VAT concepts in a clear and structured manner, using practical examples and real-life case studies to demonstrate how the legislation applies in everyday business. 

Participants will develop the knowledge and confidence required to identify VAT implications, understand reporting obligations, and apply the VAT legislation correctly in practice. 

The programme is suitable both for individuals with limited VAT experience and for professionals wishing to refresh and strengthen their knowledge of the core VAT principles.

This seminar contributes to Continuing Professional Development for 6 CPD Units.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

Upon completion of the programme, participants will be able to:

• Understand the principles and operation of the Cyprus VAT system.
• Identify taxable persons and determine when an activity constitutes an economic activity.
• Distinguish between taxable, exempt and outside-the-scope transactions.
• Determine when VAT registration becomes mandatory or may be beneficial voluntarily.
• Understand the rules governing the recovery of input VAT.
• Apply the reverse charge mechanism correctly to domestic and cross-border transactions.
• Determine the place of supply of services using the general rules and principal exceptions.
• Complete VAT returns correctly and understand VIES and OSS reporting obligations.
• Recognise common VAT compliance risks and avoid frequent mistakes identified during VAT audits.
• Apply VAT principles confidently through practical examples and case studies.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This programme is ideal for professionals involved in preparing, reviewing, processing or supervising VAT-related transactions and compliance obligations, including:

• Accountants and Finance Professionals
• VAT and Tax Specialists
• Auditors
• Legal Advisors
• Corporate Administrators
• Business Owners
• Company Directors
• Financial Controllers
• Finance Managers
• Personnel responsible for VAT compliance and VAT returns
• Professionals reviewing commercial contracts with VAT implications
• Individuals seeking a practical introduction to VAT No advanced VAT knowledge is required.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

PART A:

•  Basic Definitions
  Principles of VAT / The five questions
• Taxable person
• Economic activity
• Taxable Supplies
• Exempt supplies
• Outside the scope supplies
  

PART B: 

VAT Registration

• Compulsory
• Voluntary

PART C: 

• VAT Deregistration
• Compulsory
• Voluntary
• Practical Questions

PART D:

• Transfer of a business as a Going Concern (TOGC)

PART E:

 Recoverability of Input VAT

• Deductible and non-deductible VAT
• Pre-registration input VAT
• Practical Questions

PART F:

•  VAT Assessments & Objections

PART G:

• VAT compliance
• VAT Returns
• VAT Refunds
• Correction of Errors
• Discounts
• Bad Debt Relief
• Gifts
• Penalties

PART H:

•  Tax point -Timing of Supply

PART I:

•  Supply of Goods
• Acquisition
• Imports
• Dispatches
• Exports
• Triangulation

PART J:

•  Supply of Services

PART K:

• Receipt of Services -Reverse Charge Mechanism (RC)
• How the mechanism works
• When the mechanism is applied
• Practical Examples

Trainer

Mrs Demetra Constantinou, FCCA, ADIT

Kinanis LLC, Partner

Demetra Constantinou holds a BSc in Public & Business Administration. In 2009 she obtained her professional qualification of ACCA and since then her professional development escalated by adding further professional qualifications in her curriculum as follows;

Chartered Institute of Taxation, Advanced Diploma in International Taxation (ADIT) – Specialization in EU VAT, CySEC's Advanced Certificate in Financial Services Legal Framework.

Demetra commenced her career in 2006 at Kinanis LLC and has walked her way towards partnership through various managerial and strategic roles. Currently, she is a Partner at Kinanis LLC and manages the Accounting and VAT Department. Her main area of practice is Accounting and VAT consultancy for local and international clientele, as well as General Tax Advisory Services for EU based clients on various EU tax matters relating to VAT Law, Blockchain consulting services on Tax and VAT aspects.

Demetra has extensive experience in rendering lectures on Paper P6: Advanced Taxation of the ACCA qualification and other seminars on VAT topics. She has also been a guest speaker in a number of internal and external seminars and conferences on her topics of expertise. In January 2019 she obtained her professional qualification as Certified HRDA Trainer of Vocational Training.