ΠΕΡΙΓΡΑΦΗ

It is imperative that taxpayers be informed of the basic tax principles that will assist them in their tax compliance work (e.g. completion of tax forms) and in the preparation of a company’s tax computations. The recent developments in the areas of taxation are gradually materialising the Cyprus Government’s roadmap for attracting business and talent from abroad. As a result, many companies have recently relocated to Cyprus. These companies need to be informed about the current tax principles and relevant updates. This is also vital for already established companies in Cyprus since through the years there have been significant changes in the tax legislation as well as new circulars, practices and systems.

In this seminar, the basic tax principles will be described and practical examples will be provided. The participants will also be informed of the processes they need to follow and practices they have to apply for compliance purposes. 

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

By the end of the training, participants will be able to:

• Describe basic tax principles
• Explain the main provisions of the basic tax principles
• Identify relevant tax resources to find applicable guidelines and circulars
• Calculate basic corporate income tax computations
• Apply the basic principles of income tax to identify the types of income subject to income tax and the relevant exemptions for compliance purposes and for the estimation of the relevant tax obligations
• Incorporate deadlines and penalties relating to corporate income tax and special defence contribution compliance into their everyday work routine
• Complete relevant tax forms such as TD603 and TD 623
• Encourage their colleagues and management to apply the relevant tax provisions
• Adopt a stance of continuous development and improvement of internal processes
• Estimate the risks that may arise from the erroneous application of the relevant Tax legislation.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

This training is addressed to CFO’s, accountants, auditors, tax consultants and relevant professionals.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Agenda

1. Corporate Income Tax (3 hours)

• Key articles of the legislation:

            o Tax Residency Requirements

            o Charge of Tax (types of income subject to income tax)

            o Exemptions (exemptions that are stated in the law)

            o Allowed Deductions

            o Capital allowances (clarify when and on what assets the capital allowances can be claimed)

            o Deductions not allowed (define what deductions are tax disallowed)

            o Losses (describe the applicability of the losses carried forward, 5-year restriction rule, group relief provisions)

• Key tax circulars
• Deadlines and penalties relating to corporate income tax compliance

Practical examples of the tax computation of a company that will assist participants in understanding the principles described in this section as well as their application.

2. Special contribution for defence (2 hours)

• Key articles of the legislation:

            o Obligation to pay special contribution: Rents, Interest, Dividends

            o Deemed Dividend Distribution (description of this provision of the law, when it is applied and how it is applied, relevant tax forms that need to be completed)

            o Payment of the contribution (calculation of the special defense contribution for the year, presentation of the forms that need to be completed)

• Key tax circulars
• Deadlines and penalties relating to special defence contribution compliance

Practical examples that will assist participants in understanding the principles described in this section as well as their application. The seminar will include examples on the completion of dividend distribution form (TD 603 and TD 623).

3. Capital Gains Tax (30 minutes)

Key articles of the legislation:

• Chargeable disposals
• Exemptions

Practical examples that will assist participants in understanding the principles described in this section as well as their application.

4. General Healthcare System (GHS) (30 minutes) 

• Key articles of the legislation:

            o Company obligation to withhold GHS (When does the obligation arise and how to pay)

            o Relevant information issued by the Tax Authorities

Practical examples that will assist participants in understanding the principles described in this section as well as their application.

Trainers

Marina Kasapi
Principal, Direct Tax Department, KPMG in Cyprus

Marina graduated with a BS (Hons) Economics degree from University of Tampa, USA. She is a fellow Member of the Association of Chartered Certified Accountants and a Member of the Institute of Certified Public Accountants in Cyprus.

She joined KPMG Cyprus in 2008 and since then she has been involved in a variety of both local and international tax projects. Her portfolio of clients includes the Finance Sector, Gaming, Intellectual Property Development, Building and Construction and Investment Management. She is primarily involved in international tax planning, advising international companies on their investment in Cyprus through the development of appropriate tax structures as well as tax due diligence projects. She is also a member of the Tax Quality Reviews team of KPMG in Cyprus, participating in annual or biennial reviews of numerous tax projects selected randomly to assess quality.

Furthermore, Marina has held a number of tax presentations and seminars as a tax trainer for the Global Network of KPMG and has participated as a guest speaker for Cyprus on KPMG’s International Tax Advanced courses. She also actively participates in Global Think Tanks, where representatives from different KPMG firms discuss and analyse key changes in the international tax environment and local laws as well as develop tax strategies for US and EU multinationals.

Charalambos Christodoulou
Senior Manager, Direct Tax Department, KPMG in Cyprus

Charalambos graduated with a Bachelor of Arts in Economics. He is a fellow Member of the Association of Chartered Certified Accountants and a Member of the Institute of Certified Public Accountants in Cyprus.

He is a Senior Manager at  KPMG Cyprus Tax Department. He has over 15 years of experience in tax related work and has been with KPMG Cyprus since 2017. He had previously worked in another Big Four firm. He has led tax advisory and tax compliance projects for a client portfolio consisting of local and multinational corporate groups, engaged in various industries. He advises local and international clients on the Cyprus tax implications of various transactions, mergers, acquisitions, and corporate restructuring operations. He has prepared numerous tax ruling requests on behalf of clients and has participated in tax due diligence projects, tax reorganisations, tax audits, tax reviews and other compliance related projects.

In addition, he is a tax trainer and guest speaker in charge of various tax presentations and meetings in Cyprus and abroad.