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Invest Cyprus 30/04-30/03/2019

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Company Profile: KPMG

Company Profile: KPMG

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. They operate in 147 countries and territories and have 219,000 people working in member firms around the world.


KPMG has operated in Cyprus since 1948 and currently employs more than 900 professionals in 6 offices across the island. By utilising the whole spectrum of KPMG International services and the deep knowledge and expertise in all major industries, they provide their clients with solutions which address their unique characteristics.


The tax department of KPMG in Cyprus provides full tax support and compliance with the local Tax Laws, as well as tax planning and advisory services to a significant number of local and multinational companies through a team of specialised tax advisors, highly experienced in the field of local and international tax matters.


KPMG understands that global regulatory changes, various tax reforms and changing business models impact tax. In this respect, KPMG has developed a range of sector and industry-specific services, so as to address these changes.


Tax Services

Their core tax services cover the following:

Tax Compliance 
and Advisory Services
• Corporate taxation (local and international)
• Preparation and annual review of tax returns
• Tax due diligence services
• Support during tax audits
• Personal income tax (compliance and tax planning)
• Tax services to staff seconded to Cyprus
• Funds tax services
• Securing tax clearance/residency certificates (Companies and Individuals)
• Capital Gains Tax
• Reorganisations and Mergers & Acquisitions
• Stamp Duty
• Shipping Taxation
• Country by Country Reporting (CbCR)

International Tax Services
• Transfer Pricing

Transfer pricing is the fastest growing area of international tax. This is primarily due to increasing attention to the subject by tax authorities and other stakeholders globally. KPMG in Cyprus provides comprehensive support on transfer pricing challenges including:
- Development of economically sustainable transfer pricing policies
- Development and implementation of procedures and systems for setting, monitoring and documenting intra-group transactions
- Analysis and documentation of intra-group transactions for consistency with the arm’s length principle
- Resolving transfer pricing controversies.
• Mandatory Disclosure Rules (DAC 6) Services
Qualified intermediaries (or, in certain cases, the relevant taxpayers) must now disclose information on reportable cross-border arrangements to the tax authorities. KPMG offers a variety of services to help your company comply with the requirements of the law. Their support extends to:
- Training sessions on DAC6 requirements, customised to the specific needs of your company
- Impact analysis of DAC6 on your company, including an in-depth analysis and screening of the transactions and products that could be reportable
- Helping your company put in place the appropriate policies and procedures, in order to ensure accurate and timely screening of potentially reportable transactions
- Implementing an efficient mechanism for routine monitoring and timely reporting of the relevant arrangements
- Providing software solutions designed to guide your company through the reporting process.


• Immigration Services (Work permits, Permanent Residence, Citizenship)
• Global Mobility Services
• Family Office Services


Global Compliance Management Services

Managing compliance in today’s highly complex economic and regulatory environment has become increasingly challenging. Thus, it’s not surprising that tax and finance departments often spend a disproportionate amount of time on compliance activities – time that could have been used on higher value activities such as strategic tax planning, risk management and closer integration with the rest of the business. Outsourcing (or co-sourcing) compliance services can be a flexible and cost-effective way of meeting the needs of an organisation, both locally and globally.


VAT Services

Their tax professionals have extensive experience and are technically equipped to review your business’s current VAT position and provide relevant advice relating to all aspects of indirect taxes, including customs duties and excise taxes. Their assistance covers VAT audits, compliance, planning, reorganisations and acquisitions, etc. Furthermore, they help your business with any communications with the relevant administrative bodies.

They offer a range of indirect tax services mainly comprising:
• Devising and implementing planning strategies to help mitigate VAT liabilities and costs
• Providing VAT, customs duties and excise planning, as well as strategic advice on cross-border projects, chain transactions, contracting structures, optimisation reviews, etc.
• Advising businesses and their tax teams on the development and execution of effective indirect tax management strategies, including appropriate internal controls and cross-jurisdictional compliance
• Supporting businesses subject to tax audits or other investigations by Cyprus VAT and/or Customs Authorities, including pre-audit reviews and subsequent dealings with VAT and Customs officials
• Supporting businesses through VAT compliance services including, but not limited to, assistance with the VAT registration procedure, preparation and filing of VAT and VIES (EC Sales list) returns
• Assistance with any VAT recovery procedure (domestic refund claims or under the EC Refund/13th Directives)
• Provision of tailored structured training to staff responsible for the internal management of VAT.



VAT Automation


In addition, KPMG has utilised its significant knowledge and expertise in designing, developing and implementing end-to-end roadmaps for Indirect tax management, aiming at developing an integrated web solution that simplifies the automation of the relevant processes and assists organisations in improving compliance, controls and also creates added-value for other functions.


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