ΠΕΡΙΓΡΑΦΗ

We invite you to participate in our seminar, during which we will examine recent changes to the  legislation on VAT, Income Tax, Special Defence Contribution, Capital Gains Tax, and the Assessment and Collection of Taxes. 

Through practical examples and interpretative circulars published by the Tax Department, our experienced trainers will help you ensure the correct application of the legislation and avoid penalties. Do not miss the opportunity to enhance your knowledge and prepare your business for the new tax challenges!

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

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

• Understand the key provisions of the Cyprus tax reform and the legislative amendments introduced.
• Identify changes affecting corporate taxation, personal taxation, international tax matters, and tax compliance obligations.
• Identify the correct tax treatment of the transactions under review.
• Prepare for upcoming compliance requirements and ensure readiness for the revised tax framework.
• Demonstrate the tax implications of existing and upcoming changes relating to the above legislation in their work (e.g. compliance with the various deadlines for tax payments and the submission of tax returns).
• Apply changes in tax legislation in their work.
• Promote in their workplace the tax treatment of transactions in accordance with recent tax amendments.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

1. VAT rules in the digital age (VIDA) (1 h)

• Brief analysis of the legislative framework
• Digital reporting requirements
• Explanation of the VAT rules applicable to the platform economy
• Introduction of a single VAT registration

2. Central Electronic System of Payment Information (CESOP): Mandatory reporting of cross-border payments for VAT purposes from 2024(30 min)

• Introduction
• Who is affected by the implementation of CESOP
• Obligations of persons to submit the relevant return

3. Significant amendments to the VAT legislation(2 h & 30 min)

• Supply of buildings
• Leasing of immovable property  
• Application of the reduced VAT rate to the supply or construction of a new dwelling
• Application of the zero VAT rate to essential goods    
• Tax treatment of vouchers that remain unused
• Admission to various events
• Article 11B – New Consolidated Circular
• Update on changes to Tax For All (TFA)

4. Other upcoming changes(30 min)

• Changes expected to affect participants will be covered. The trainers will discuss these changes and answer participants’ questions based on discussions and clarifications received from the competent Tax Department.

5. Income Tax and Special Defence Contribution(1 h & 15 min)

Income Tax

• Reference to and explanation of recent legislative amendments
• Reference to and explanation of new circulars issued by the Tax Department
• Reference to announcements by the Tax Department

Special Defence Contribution

• Reference to and explanation of recent legislative amendments
• Reference to and explanation of new circulars issued by the Tax Department
• Reference to announcements by the Tax Department

6. Capital Gains Tax (1 h & 15 min)

Capital Gains Tax

• Reference to and explanation of recent legislative amendments
• Reference to and explanation of new circulars issued by the Tax Department
• Reference to announcements by the Tax Department
   

Assessment and Collection of Taxes

• Reference to and explanation of recent legislative amendments
• Reference to and explanation of new circulars issued by the Tax Department
• Reference to announcements by the Tax Department

Trainers

Katerina Papanicolaou (Board Member, Direct Tax services, KPMG in Cyprus)

Katerina graduated with a bachelor’s degree (Hons) in economics from the University of East Anglia in the UK. She is a Fellow Member of the Association of Chartered Certified Accountants (FCCA) and an ADIT graduate. Additionally, she is a member of the Institute of Certified Public Accountants of Cyprus (ICPAC) and a certified “Trainer of Vocational Training” by the HRDA.

Katerina joined KPMG in Cyprus in 1995, where she worked in the Audit department prior to moving to Tax Services. Her portfolio of clients consists of companies listed in the Cyprus Stock Exchange, as well as medium and large companies, both local and international.

Katerina possesses experience in the Investment, Real Estate, Insurance and Retail industries. She is experienced in direct tax compliance services and actively participates in assisting clients during their tax examination by the Tax department, for identifying and settling their tax liabilities.

Michael Grekas
Board Member, Indirect Tax Services, KPMG in Cyprus

Michael is a Board Member at KPMG Cyprus, leading the Indirect Tax function and the Tax Technology development team. He specialises in Cypriot and EU VAT legislation, EU VAT reforms and European Court of Justice (ECJ) decisions, advising multinational and local organisations on complex VAT matters.  

Michael has driven multiple VAT automation and digital transformation initiatives, including VAT coding design and implementation that enhance compliance and reporting efficiency. He also serves as Chairperson of the VAT Committee of ICPAC (Institute of Certified Public Accountants of Cyprus), contributing to the development of VAT policy and professional practice in Cyprus.

Michael has been the instructor in various KPMG training courses, presenter for various KPMG seminars and author of indirect tax articles. In 2015, Michael was certified by the HRDA as a “Trainer of Vocational Training”.

Kyriakos Michael
Pricipal, Direct Tax Services, KPMG Cyprus

Kyriakos has been a Principal in the Tax Services Department at KPMG Cyprus since 2014. He has extensive experience in tax projects covering mergers and acquisitions, corporate restructurings, tax due diligence (both domestically and internationally), and corporate tax compliance.

After completing his ACCA studies in 2002, he obtained the ACCA professional designation in May 2007. He began his career at the Cyprus Human Resource Development Authority (AnAD), and in 2003 he joined the auditing firm Y&P Partners Ltd. In January 2007, he was hired by KPMG’s Audit and Assurance Department; in 2014, following an internal transfer, he joined KPMG’s Tax Department.

His overall experience covers the areas of audit and assurance, the application of IFRS and IAS, tax advisory services, and tax compliance for local and international companies. He has attended various seminars on tax legislation and is also one of the instructors for KPMG Cyprus’s internal training program on taxation.

Maria Anayiotou
Principal, KPMG Cyprus

Maria is a Principal in KPMG’s Indirect Tax Department, with extensive experience in Cypriot and European VAT legislation. She has more than 20 years of experience in providing audit and indirect tax services.

Maria studied Business Organization and Administration at the University of Piraeus, with specialization in Accounting and Finance. In December 2000, Maria joined KPMG starting as a trainee auditor in the Audit Department. She is a member of the Association of Chartered Certified Accountants (ACCA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). Maria has provided audit services to several large local and overseas enterprises across a number of industries such as real estate, education and retail.

She joined Indirect Tax Department in May 2010, since then, she provided indirect tax services to a major portfolio of clients, including entities and groups involved in tourism, passenger and freight transport, security, financial services, real estate development, the supply of goods and services.

She attended various international training sessions organized by KPMG’s Tax Business School as well as a number of local seminars. Additionally, Maria has been a presenter of numerous in-house audit seminars and an instructor/facilitator of various both in-house and open Indirect Tax seminars. On April 2017 Maria was certified by the HRDA as a “Trainer of Vocational Training”.