Business taxation is extremely important but the lack of training on this subject has made most people avoid giving it the proper attention. Most leave the matter to the accountants but ultimately the person in charge will be liable regardless of their ignorance.
The Business Tax Fundamentals course provides a clear concise explanation of the fundamental business tax concepts covering both tax planning and compliance. This course covers core business tax concepts and principles including tax accounting rules, gross income, deductions, depreciation, property transactions, taxes, and tax credits.
Furthermore, it presents the procedures and computations in a simplified manner to enable the participant to attain clear fundamental knowledge of business taxation after completing the course.
An overview of Cyprus VAT legislation
The scope of value added tax (VAT)
- The scope of VAT.
- The principal standard rated, reduced rate, zero rated and exempt supplies.
The VAT registration requirements
- The circumstances in which a person must register for VAT.
- The advantages of voluntary VAT registration.
- The circumstances in which pre-registration input VAT can be recovered.
- How and when a person can deregister for VAT.
- Apply group and divisional registration requirements and procedures.
The computation of VAT liability
- How VAT is accounted for and administered.
- The main books and records that must be kept.
- The tax point when goods or services are supplied.
- The information that must be given on a VAT invoice.
- Apply the principles regarding the valuation of supplies.
- The circumstances in which input VAT is non-deductible.
- The relief that is available for losses on trade debts.
- The input tax, output tax and the net amount of VAT payable/refundable.
The reverse charge mechanism
- The treatment of Imports, exports and trading within the European Community.
- The reverse charge mechanism on the below transactions:
- B2B services
- non-resident suppliers
- supply of natural gas and electricity
- specific domestic rules
- local construction services
- supplies of used metals and scrap
- the supply of immovable property and land in case of loan default
- The VAT return period
- Complete and file VAT return and make relevant payment
- The VAT Information and Exchange System (VIES) (European sales listing)
- The national recapitulative statement
- The tax assessment period
- The circumstances in which the default surcharge and default interest will be applied.
- Penalties for failure to meet VAT compliance obligations
- Penalties for not paying VAT on time to the VAT Authorities
The Cyprus taxation system
The Cyprus Taxation System and Its Administration
- The overall function and purpose of taxation in a modern economy
- Principal sources of revenue law and practice
- The systems for self and temporary assessment and the making of returns
- The time limits for the submission of returns, information, objections, claims and payment of tax
- The procedures relating to enquiries, objections and appeals
- Penalties for non-compliance
Corporation tax liabilities
- The scope of corporation tax
- The comprehensive computation of corporation tax liability
- The effect of a group corporate structure for corporation tax purposes
- The use of exemptions and reliefs in deferring and minimizing corporation tax liabilities
Special contribution for the defence
- The scope of the special contribution for the defence (SDC)
- The comprehensive computation of special contributions for the defence liabilities for individuals and companies
- Deemed Distribution Provisions and the comprehensive computation of the tax liability
Capital gains tax
- The scope of the taxation of capital gains
- The basic principles of computing gains and losses
- Gains and losses on the disposal of immovable property
- Gains and losses on the disposal of shares
- The computation of the capital gains tax payable by individuals and companies
- The use of exemptions and deductions in deferring and minimizing capital gains tax liabilities
Social insurance contributions
- The scope of social insurance contributions
- Social insurance contributions for employed persons, made by employees and employers, and for self-employed persons
- Social cohesion fund contributions
- Illustration of key terms and concepts
- Preparation and discussion of practical examples, including mini cases
- The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
- Activities and break-out groups
This programme may be approved for up to 14 CPD units in Accounting Standards. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
The Cyprus Bar Association (CyBAR) has confirmed that this programme is accredited for 14 CPD units.
Who Should Attend
This programme is ideal for financial controllers, accountants, tax consultants, auditors, business owners, directors, departmental managers and corporate administrators, as well as any other professionals who can benefit from business tax knowledge.