The theme of the Forum, which was organised by the Cyprus VAT Association (CYVA) and attracted close to 200 delegates, was the present and future of arguably the most important tax in Cyprus and most of the world, VAT.

Speaking on behalf of President Christodoulides, Piki said that in 2024, VAT accounted for €2,8 billion or 38% of the total income of the Republic, an increase of 6,8% from 2023 and 25,8% from the year before.

The Deputy Minister said that “VAT affects every citizen and every business” and that the effectiveness of the Cyprus VAT system is inseparable from the broader context of public sector reform and strategic policy, pointing out that “reform is the architecture of our future.” In this context, she also touched upon the government’s upcoming tax reform initiative saying it aims at a “fairer redistribution of wealth and simplification, transparency, and competitiveness of businesses.”

Piki also pointed out that organisations like CYVA, contribute in shaping a modern, fair, and effective tax system and that by bringing together professionals from across sectors, CYVA helps bridge the gap between policy and practice and turning complex legislation into workable solutions that serve both the public interest and the needs of the business community.

A star-studded panel of experts from Cyprus and the EU addressed the Forum, including the Cypriot Vice-President of the General Court of the EU, Dr. Savvas Papasavvas, Référendaire at the Court of Justice of the EU, Prof. Dr. David Hummel, the President of the International VAT Association (IVA), Fernando Matesanz, Director of IVA, Raymond Feen and PhD Candidate at the University of Leipzig, Felician Hummel.

The Forum was also addressed by the Integrated Tax Administration System team of the Cyprus Tax Department who updated the professionals in the crowd on the progress of the Tax For All (TFA) system and spoke about the Functional Evolution of the Tax Department.

Vice-Chairman of CYVA, and well-known VAT guru, Alexis Tsielepis, also took to the stage offering attendees a glimpse into the life of a VAT advisor and declaring he is a VATaholic.

The Forum also included a high-level panel of experts who touched on a number of pressing issues that are currently affecting VAT.

The Forum opened and concluded with remarks from CYVA Chairwoman, Demetra Constantinou, who welcomed and thanked the delegates for their participation.

 The VAT Forum was sponsored by Bakertilly Klitou and Partners, Chelco VAT Ltd, Costas Tsielepis & Co Ltd, Kinanis LLC, PK NovusTax & Co Ltd, Andersen CY, Andreas Konnaris LLC, CyBooks, Eurofast, Fincrew Ltd, Nexia Poyiadjis, Scordis Papapetrou & Co LLC and K. Treppides & Co Ltd.

 CYVA was formed in 2019 with the aim of providing a unified and independent voice to all professionals and businesses in Cyprus on Value Added Tax matters.

The theme of this pioneering Forum is the present and future of the largest source of revenue for the Cyprus government, Value Added Tax (VAT).

The Forum will be an invitation-only event and is under the auspices of the President of Cyprus, Nikos Christodoulides.

The Forum will examine in depth a range of important issues that professionals in the field and the country’s policymakers need to be aware of, such as the correct implementation of European Directives and Regulations regarding VAT in Cypriot legislation, the modernization and simplification of Cypriot VAT law, how and why Cyprus should begin using the European Court of Justice for VAT matters, and much more.

The conference is organized by the Cyprus VAT Association (CYVA), which was founded in 2019 with the aim of providing a unified and independent voice for all professionals and businesses in Cyprus on VAT issues.

A star-studded panel from Cyprus and the EU will attend and address the Forum, including the Advocate General at the Court of Justice of the EU, Prof. Dr. Juliane Kokott, the Cypriot Vice-President of the General Court of the EU, Dr. Savvas Papasavvas, the Référendaire at the Court of Justice of the EU, Prof. Dr. David Hummel, the President of the International VAT Association, Fernando Matesanz, and more.

The Forum is reserved for CYVA members and guests only. Also invited to attend are judges of the Supreme Court, state officials, the Tax and Assistant Tax Commissioner and local government officials.

Venue: Ktima Kousioumi, Nicosia

Guest Speakers:

Prof. Dr. Juliane Kokott
Advocate General, European Court of Justice

Dr. Savvas Papasavvas
Vice-President, General Court of the EU

Prof. Dr. David Hummel
Référendaire, European Court of Justice

 Fernando Matesanz
President of the International VAT Association

Raymond Feen
Member of the BoD of the International VAT Association

 Felician Hummel
PhD Candidate. RA at the University of Leipzig

The webinar will focus on the latest developments and deliverables of TFA and particularly on the Electronic Submission of the “Responsible Declaration for the Imposition of the Reduced VAT rate for the construction or purchase of a residence” and the issuance of the reduced VAT rate certificate.

Date: April 15, 2024

Time: 10:00 AM – 12:00 PM

Platform: Zoom

Join Zoom Meeting

https://us06web.zoom.us/j/82846643248?pwd=9r1gKV4lwT45mV43QOTcRE31OFA4Sd.1

Meeting ID: 828 4664 3248

Passcode: 879639

During the webinar, officers from the Department of Taxation will provide valuable insights into the new features and functionalities of the Tax for All platform. This session promises to be informative and beneficial for all members of our association.

You are encouraged to attend this webinar and take advantage of this opportunity to stay updated on the latest advancements in tax-related technology.

We look forward to your participation.

The newly appointed Board of Directors comprises nine esteemed professionals, each selected for their professional skills and commitment to CYVA’s mission. Please join us in welcoming and congratulating the following individuals:

Demetra Constantinou – Chairwoman (re-elected)

Alexis Tsielepis – Vice Chairman (re-elected)

Andreas Papagavriel – Secretary (newly elected)

Susana Poyiadjis – Treasurer (re-elected)

Kyriacos Scordis – Member (re-elected)

Elena Konnari – Member (re-elected)

Angelos Onisiforou – Member (newly elected)

Pantelis Karonias – Member (newly elected)

Stelios Vassiliou – Member (newly elected)

These nine board members will work collectively to guide CYVA in its mission. Their dedication and expertise will ensure that the association continues to make a positive impact in the area of VAT.

Demetra Constantinou, the Chairwoman of the board expressed her gratitude to the outgoing board members for their invaluable contributions and extended warm wishes to the incoming board members, confident in their ability to lead CYVA to new heights.

More information can be found on the website of the Tax Department under the TFA banner.

• VAT TAXISnet will be available until 16/03/2023. This will be the last day on which you may submit VAT returns through Taxisnet or update your contact details (i.e. email) via TAXISnet.
• TFA will go live on 27/03/2023 and as of this date all VAT returns will be submitted via TFA. VAT TAXISnet will no longer be available.
• VAT payments will also be affected. As of 27/03/2023 only payment code/slip from TFA will be acceptable.

Please be reminded that there will be no simultaneous running of the systems so make sure you start your returns due 10/04 and 15/04 the earliest possible to avoid last minute problems and penalties.

Below are the links for the relevant announcements issued by the Tax Department.

1. Transition to TFA
2. Payments under TFA

We also remind you of the link to the TFA webinar CYVA held a couple of weeks ago showing the basic functionality of TFA.

Get ready for the Tax For ALL (TFA) Platform – CYVA

The presentation took place online on Thursday, 16 February 2023 at 9:30am and was free of charge.

The presentation will take place online on Thursday, 16 February 2023 at 9:30am and is free of charge.

The updated information on the TFA will be presented by Anna Fantarou, Principal Assessor and External Communication Manager/Change Agent at the Central Offices of the Ministry of Finance and Nikolas Pavlou, Project Manager of the Integrated Tax Administration System (ITAS).

The Forum was organised by CYVA to celebrate the official public launch of its operations.

The Forum brought together over 100 participants, comprising of representatives from the Court of Justice of the EU, senior Cyprus district court judges, representatives from the Cyprus Tax Department, including the Tax Commissioner, representatives from the International VAT Association (IVA), the Cyprus Chamber of Commerce and Industry (KEVE), the Cyprus Employers & Industrialists Federation (OEB), executives from audit, accounting and legal firms from all over Cyprus and others.

One of the star speakers at the Forum, Prof. Dr. David Hummel, a Referendary for the German Advocate General at the European Court of Justice (ECJ) in Luxemburg, presented the inner workings of the ECJ, analysed how to read decisions of the court and presented ways on how Cyprus Courts can benefit from appealing to the ECJ for various dispute resolutions on VAT.

In an ensuing Panel Discussion, Dr. Hummel discussed with local authority on VAT, Alexis Tsielepis, Managing Director of Chelco VAT Ltd, and renowned local lawyer, Kyriacos Scordis, Managing Partner of Scordis, Papapetrou & Co LLC the importance of VAT to the island’s economy and the need to specialise in VAT in order to understand and handle its complexities.

The three experts pointed out that VAT is by far the largest source of income for governments, including Cyprus and then revealed that Cyprus has never referred a VAT case to the ECJ.

“Judges in Cyprus are generalists and as such do not possess the specialised knowledge needed to rule on a complicated VAT case. Yet, we’ve never asked for the ECJ’s help and guidance,” the two Cypriot experts said, with Scordis going as far as to say that “we consider ourselves to be at the centre of the universe and we think we know it all.”

The Forum continued with a presentation by the Chairwoman of CYVA and Partner with Kinanis LLC, Demetra Constantinou, on the VAT Treatment of Non-Fungible Tokens (NFTs).

Constantinou’s presentation was followed by the unveiling of the new Tax For All (TFA) tax administration system by officers from the Cyprus Tax Department, led by Principal Assessor, Anna Fantarou.

The Tax Department representatives revealed that the first phase of TFA, which is planned to replace TAXISnet, is expected to be implemented by the end of the 1^st quarter of 2023.

The second half of the Forum included an update on the work of the European Commission in the field of VAT, presented by and Raymond Feen, Board Member of the International VAT Association (IVA) and Director of ALLVAT Representative BV and Alexis Tsielepis, who is also the Vice-Chairman of CYVA.

Feen also presented to delegates IVA, of which CYVA is a full member, and the networking capabilities of the international association.

The Forum ended with a panel discussion on the impact of technology and digitisation on VAT, comprised of Raymond Feen, Michael Mavrommatis, Partner with Nexia Poyiadjis, George Demetriou, Vice-President of KEVE and Demetris Nisiotis, President of the Cyprus Information Technology Enterprises Association (CITEA).

The Forum was sponsored by Chelco VAT Ltd, Scordis, Papapetrou & Co LLC, Kinanis LLC and Nexia Poyiadjis Ltd.

It was also sponsored by K. Treppides & Co Ltd and supported by GDK Optimus Audit Services Ltd, CEA Audit, Andreas Konnaris LLC, LSTS Consultants Ltd and Andersen.

The Forum was organised by IMH.

Cyprus VAT Association (CYVA)

CYVA was established in 2019 with the aim of providing a unified and independent voice to all professionals and businesses in Cyprus on VAT matters.

According to the Association’s Articles of Association, its main objectives are to promote VAT tax, legal and related matters with the Government, the House of Parliament and the Tax Department for the purpose of adopting and implementing them. Also, to contribute to the proper adoption of VAT European Directives and Regulations, to help modernise and simplify the Cyprus VAT legislation, and to liaise and consult with the European Commission and other international bodies on Cyprus VAT matters.

Also, to educate its members, professional bodies, and state and non-governmental organisations on VAT matters and to serve and safeguard the public interest in matters of indirect taxation.