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RSM Cyprus | Official supporter of the 6th Cyprus International Tax Conference

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RSM Cyprus | Ε πiσημος υποστηρικτorς του 6ου Cyprus International Tax Conference

For the second consecutive year, RSM Cyprus is among the official sponsors of the 6th Cyprus International Tax Conference, held on February 14, 2023, in Nicosia.

The main topics of the conference concerned the developments of Transfer Pricing in Cyprus, VAT in FS and Fintech, the income tax framework (BEFIT) and the future of Tax Revenue in Europe, the application of the revised Directive on administrative cooperation (DAC7) to digital platforms as well as the evolution of the tax framework.

Distinguished speakers from the public and private sectors, as well as distinguished representatives from the political sector, presented the basics of sustainable development, corporate tax governance and transfer pricing. At the same time, eminent speakers developed topics related to current and future tax developments, including Pillar II on Base Erosion (BEPS), tax incentives, transfer pricing, the DAC6 Administrative Directive, the Companies Directive of zero physical presence” (ATAD3) etc. In addition, reference was made to the new tax proposals announced by the European Commission, the Organization for Economic Co-operation and Development (OECD) and other authorities, while at the same time special emphasis was placed on the important tax developments that are already being implemented and to those expected.

Additionally, the notable speakers, drawn from the domestic and international private and public sectors as well as government regulators, gave the audience an opportunity to ask questions, discuss and comment on the new tax reality, addressing their concerns. about recent and upcoming tax reforms.

Mr. Giorgos Themistokleous, Managing Partner, CEO of RSM Cyprus, as one of the speakers in the panel discussion on DAC6, UBO Registers and the Unshell Directive (ATAD 3), commented on the implementation of DAC6 in Cyprus, the challenges and the possible future opportunities that arise.

Accordingly, Juan Dosal, Director at RSM Netherlands, presented the main topic of “Understanding Pillar II in anticipation of future developments”. He began by characterizing the BEPS 2.0 pillar project as a systematic approach to redistributing tax rights across market jurisdictions (under pillar I). He then analyzed some practical parameters that ensure compliance under the new regulations subject to Pillar II.

In addition, in a related question from Inbusiness TV, “Which tax reforms need to be done and for what reason?” Mr. Themistokleous said, “We believe that after 20 years of the current tax model in Cyprus, it is time to proceed with a tax reform. However, we must not forget that the global economy has received several pressures from the pandemic and the war in Ukraine, therefore, any tax reform should not further burden taxpayers, whether they are individuals or legal entities. Which means that tax reform should be fiscally neutral. In closing, he mentioned that the new tax model of Cyprus is expected to be flexible, modern and, above all, functional.”

RSM Cyprus is part of RSM International, the 6th largest international network of professional audit and assurance, tax and advisory services worldwide. RSM's network extends to 120 countries, including 40 of the world's largest business centers. As RSM, we have a workforce of over 57,000 people, in 830 offices across Europe, Africa, Asia Pacific, MENA, Latin and North America.

With offices in Limassol, Paphos and Nicosia, RSM Cyprus is among among the leading professional service providers offering a comprehensive range of audit and assurance, tax and advisory services. As a team, RSM shares its skills and expertise, taking a client-centric approach based on the strength of understanding the needs of each business and client. In this way, RSM cultivates confidence and trust, empowering its clients and people to reach their full potential, in a world characterized by multiple, unpredictable and unprecedented changes.

Source: eurokerdos.cyprustimes.com

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