EIMF subject-matter experts deliver engaging and interactive courses across a broad spectrum of areas, that can be enjoyed in the comfort of your own chosen environment. Read more
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 his/her ignorance.
The Cyprus Taxation System course provides a clear concise explanation of the fundamental 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 have a good basic knowledge of business taxation after completing the course.
By the end of the programme, participants will be able to:
- Explain and compute the income tax liabilities of individuals
- Explain and compute the corporation tax liabilities of individual and groups of companies
- Explain and compute the special contribution for the defence (SCD) liabilities individuals and companies
- Explain and compute the capital gains tax liabilities of Individuals and companies
- Explain and compute the effects of value added tax on incorporated and unincorporated businesses.
Day I: An overview of Cyprus VAT legislation (Total duration – 7 hours)
- The scope of value added tax (VAT) – 1.5 hours
- The scope of VAT.
- The principal standard rated, reduced rate, zero rated and exempt supplies.
- The VAT registration requirements – 1.5 hours
- 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 – 2 hours
- 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 – 1.5 hours
- 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
Day II: The Cyprus taxation system (Total Duration – 7 hours)
- The Cyprus Taxation System and Its Administration – 1 hour
- 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 – 2 hours
- 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 – 1.5 hours
- 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 – 1 hour
- 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 – 1 hour
- 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
Course closing – 30 minutes
Who Should Attend
This programme is addressed to financial controllers, accountants, tax consultants, auditors, business owners, directors, departmental managers and corporate administrators.
Industry Expert | Marios Mortis
Marios Mortis holds a bachelor’s degree in Business Administration in Accounting, a Master’s in Banking and Finance, and he is a qualified member of Association of Certified Chartered Accountants (ACCA). Marios has developed and conducted professional training courses on corporate reporting, Accounting and Finance, and Financial Workshops. He had, also, participated to researches on the area of finance and accounting in both academic and professional level. He has a working experience in the accounting, audit, advisory, assurance and banking sectors in various positions and companies in Cyprus. During last 4 years Marios continued his path in the education field which is a challenging and interesting field for him.
He currently works as a Visitor Academic for a local University in Cyprus, where he is teaching courses such as Corporate Governance and Business Ethics, Corporate Finance, Corporate Risk Management and Audit and Assurance. He also holds the position of Trainer & Accountancy Programmes Leader for a local institute where among others he is teaching many courses of various accountancy qualifications, such as the Cash and Treasury Management, Credit Management, Governance, Ethics, and Risks, Management Accounting, and Indirect Tax.
- 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 and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.