This program shall firstly deal with the basic mechanics of company taxation with reference to the Cyprus law and practice. The manner in which the tax is imposed, the charge the computation of assessable profits, items included in income, ascertainment of total income and the rates of Tax will be carefully studied. The aim here will be to illustrate that any item of income is either taxable as defined in the Act, or not taxable if left out of the list of taxable incomes.
Any discussion on tax law is incomplete without looking at the administrative and procedural aspects of that tax system. Thus, it is necessary to study the manner in which a taxpayer informs the Income Tax Department about the details of his tax position on matters such as taxable income, loss or sources of income. The returns made by companies will therefore be discussed. Assessments, objections and dispute settlement will be laid out mainly because it is very important in taxation for the law to lay down clear machinery for dispute resolution
In this vein, in dealing with company tax, the demand for taxpayer rights does not focus on individual taxpayers only (natural persons). Legal persons (corporate taxpayers) want to enjoy similar rights. Several cases have risen in domestic and international law in which corporate taxpayers claim their taxpayer’s rights. Courts have ruled in favour of corporate taxpayers many times.
Recently the OECD and the EU have taken steps towards fighting Base Erosion and Profit Shifting (BEPS). The OECD, supported by the G20 countries, has published 15 reports (action plans) aimed at reducing the possibilities of Multinational Enterprises (MNE’s) to erode their tax base by shifting profit from one tax jurisdiction to another. These proposals may lead to the reduction of BEPS. The downside is however that the proposals may infringe taxpayers’ rights. Therefore, an important question may always arise as to how corporate taxpayer’s rights are influenced by recent developments with respect to anti-BEPS measures for corporate taxpayers
Currently, there are insufficient scholarly articles that discuss to what extent taxpayers’ rights are promoted particularly in Cyprus. However, there is need for such academic and professional work. Cyprus just like any other country in the world needs to assess its tax policies. Therefore, a study that reveals the extent to which the tax authority promotes taxpayers’ rights will portray the current strength and weakness of tax administration in Cyprus, particularly in promoting taxpayers’ rights. Hence, the course will assist taxpayers as well as the Cyprus government Tax officials towards improving tax governance.
Specifically this program focuses upon;
The introduction of separate treaties or conventions only for taxpayers’ rights will to a certain degree increase certainty as to the rights a taxpayer is entitled to enjoy. Probably it will also reduce taxpayers’ resources being spent to confirm whether or not a certain right is intended for tax matters
PART I: COMPANY TAXATION AND TAXPAYERS’ RIGHTS IN CYPRUS
The Cyprus tax system
Tax Administration (Cyprus Revenue Authority)
Tax appeal system
Analysis of taxpayers’ rights
PART II: THE ASSESSMENT OF TAXPAYERS RIGHTS WITH REGARD TO EU AND OECD INITIATIVES TAKEN TO SOLVE BASE EROSION AND PROFIT SHIFTING
Base erosion and Profit Shifting (BEPS)
Efforts of the EU to counter BEPS
Efforts of the OECD to counter BEPS
Exchange of Information in the OECD BEPS-project
Assessment of taxpayers’ rights in the techniques used to counter BEPS
Industry Expert | Demetris Savvides
Demetris Savvides holds degrees in law, management and criminology and has been a lecturer in for more than nine years in the field of business law and management having taught numerous courses in business, corporate, taxation, GDPR and criminology, with an extensive record in academic publications in internationally renowned business journals. In addition, Demetris Savvides is an experienced corporate lawyer helping hundreds of companies in their normal functioning, engaging in transactional and legal advisory including advisory relating to day-to-day business regulatory issues, GDPR implementation matters, and corporate tax planning. Tending to clients, both domestic and international, Demetris Savvides has gained vast experience in dealing with business matters right from inception and catering to the regular corporate and compliance needs for successful functioning to empowering companies to scale to their potential. Demetris Savvides has had a notable track record of advising clients in corporate transactions that are vital for their business. His overall commercial corporate experience has both the in-depth knowledge of business laws and corporate finance as well as the practical advantage of for providing all-round service to the companies, which encompasses corporate commercial and tax structuring of a business whether domestic or through foreign investment, process incorporation via sustainable models which optimize the needs of the business, day to day compliance process for smooth functioning, ensure optimum use and action of corporate finance, as well as strategizing takeovers or winding up at appropriate junctures.
Who Should Attend
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Most of the training will focus in assessing participants’ current strengths and weaknesses via formal assessment tools. Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred at their workplace. Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions.
This programme may be approved for up to 14 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
€292.00 – €530.00The above fee is subject to 19% VAT
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Day 1: December 16, 2021 | 09:00-12:45
Day 2: December 17, 2021 | 09:00-12:45
Day 3: December 20, 2021 | 09:00-12:45
Day 4: December 21, 2021 | 09:00-12:45
Start time: 09:00 EEST
End time: 12:45 EEST
Venue: Live Online
Coordinates: 14 | Duration: 14hrs
Directions: Demetris Savvides (view the trainer's bio below)