FRIDAY, 18 JAN 2019

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2018_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Syllouris Travels to Dublin for Event on Dail's 100th Year Celebration

Christodoulides: Interim Solution for British Bases in Cyprus in Case of Hard Brexit

IMH LTD
GAP_Group_2018_468x60px

PROFESSIONAL SERVICES

brought to you by PWC

Top EU VAT Expert to Address Financial Services Seminar in Cyprus

Top EU VAT Expert to Address Financial Services Seminar in Cyprus

Prof. Dr. Ben J. M. Terra, arguably Europe’s top authority on Value Added Tax (VAT), will join local expert, Alexis Tsielepis, to present the implications of VAT in the Financial Services industry at a high-level seminar this month.

Titled “VAT in the World of Financial Services,” this first-of-its-kind seminar is organised by the Chelco VAT International Academy in Limassol on Tuesday, 20 November 2018 and is geared towards professionals in the forex industry, the banking sector, credit institutions, fund management companies, financing companies and other CySEC regulated entities.

The expert duo will explain the VAT exemptions for financial services, especially with reference to ECJ decisions, and the right to deduct input VAT for goods and services purchased by businesses in the financial industry.

“It’s always a pleasure teaching professionals in Cyprus, whom I find to be of the highest calibre. It’s also always a pleasure teaching with fellow VAT expert, Alexis Tsielepis,” Prof. Terra said.

He went on to set the tone of the seminar by saying:

“The purpose of the exemption for financial transactions was to alleviate the difficulties connected with determining the tax base and the amount of VAT deductible, and to avoid an increase in the cost of consumer credit.”

The professor assessed that “it seems to me that the new trend is that when the VAT liability of a financial transaction does not present such difficulties and it can easily be determined, and such a transaction does not involve any credit to the purchaser by that service provider, such a service does not therefore qualify for exemption!”

He then added: “Life would be so much easier if expressions and legal concepts known in other areas of EU law would be applied in the interpretation of the VAT Directive.”

Picking up on Prof. Terra’s words, Tsielepis said that “it is a privilege to have the professor share his vast knowledge on the subject with us in Cyprus.”

Tsielepis, Managing Director of Chelco VAT Ltd and Lead Instructor of the Chelco VAT International Academy, said that “this is the first time a VAT seminar of this calibre and on this particular subject is organised in Cyprus” and he labelled it as a must for professionals in the financial industry.

Prof. Terra studied international law at the University of Amsterdam and indirect taxation at the University of Leiden. He served as Head of Post-Graduate Training in VAT at Customs and Excises at the Ministry of Finance in The Hague, Professor of Law at the University of Leiden and Head of the Global Indirect Tax Practice of a big-four firm.

He has published numerous articles and books on indirect taxation and is also a consultant of the OECD, the European Commission and the International Monetary Fund. At present Dr. Terra is an indirect tax and European tax law lecturer at the Católica Global School of Law in Portugal and at the Lund University in Sweden.

Tsielepis is widely considered as the foremost expert on VAT in Cyprus. With 15 years of experience in VAT strategic consulting, he advises businesses on international VAT matters and lectures at local and international VAT conferences and schools.

He has written a number of tax syllabuses, chapters, articles and a book on matters pertaining to Cyprus and EU VAT. He is a Fellow Chartered Accountant and holds the Expert in European Value Added Tax Degree, which he earned with the highest grade ever awarded in the history of the coveted diploma.

For more information on the seminar and to register, visit www.chelcoVAT.com.

MORE ON PROFESSIONAL SERVICES

PwC Cyprus: New Tax Guide for 2019

PwC Cyprus has announced the new edition of its practical tax guide for 2019. The ...

Baker Tilly South East Europe Releases 2019 Tax Guide

On Wednesday, January 2, Baker Tilly South East Europe releases the new edition of tax ...

Gold Magazine Special Feature - Tax Guide 2019

One of the main reasons why so many foreign companies and High Net Worth Individuals ...

FROM AROUND GOLDNEWS

   

Third Place for Cyprus in Europe's Most Family Friendly Beach Destinations

According to a new Family Beach Index conducted by the company, On the Beach, Cyprus has ranked third out of a total of 50 family beach destinations. The index ...
   

Regus Ordered by the High Court to Pay €74,000 in Costs over EASY Branding Dispute

Sir Stelios Haji-Ioannou’s easyGroup, owner of the easy family of brands (www.easy.com), has today claimed a second important victory in its long running ...
   

PwC: Global Economic Growth Expected to Slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its ...
   

Mann Vergan Appointed Director of Legal and Corporate Services at Woodbrook

Woodbrook Group, a Cyrpus-based independent financial advisory and corporate services company with offices across Europe, Asia and the Middle-East, has ...
   

Cypriots Travelling Abroad Increase in December 2018

On the basis of the results of the Passengers Survey, 122,149 residents of Cyprus returned from a trip abroad in December 2018 compared to 110,849 in the ...
   

Christodoulides: Interim Solution for British Bases in Cyprus in Case of Hard Brexit

Cyprus Foreign Minister Nikos Christodoulides has said that in case the UK leaves the EU without an agreement, an interim solution will be applied for the ...
   

Inflation Increases by 0.8% in 2018

In December 2018 the Harmonized Index of Consumer Prices increased by 1.0% compared to December 2017, while compared to November 2018 the HICP decreased by 0. ...
   

GOLD Magazine - The Human Component of Foreign Investment

Cyprus prides itself – rightly so – on its hospitality and positive attitudes towards all foreigners but what it the island like for those ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Martin_Lindstrom_01/11-30/01_300x250px

IMH LTD