RSM Cyprus – Proud supporter of the 7th Cyprus International Tax Conference

RSM Cyprus, for yet another year, proudly supported the 7th Cyprus International Tax Conference, held on 20 February 2024 in Nicosia.

The conference hosted renowned and well-established professionals and experts in the Cyprus taxation system, as well as other international tax experts. The conference provided insights on various hot topics, including legislation requirements and tax reformation.

As a keynote speaker, Iacovos Themistocleous, Senior Tax Manager and Board Member at RSM Cyprus, presented "The new world of crypto and digital assets: The impact of DAC8". In his presentation, he pointed out that fair and effective taxation are crucial to secure public investment and service revenues and create a business environment where innovation can prosper. Also, Iacovos referred to the implications of the Directive on Administrative Cooperation (DAC8) by explaining some of its various requirements. He continued, saying, "However, the EU tax authorities lack information concerning the revenues and transactions generated by crypto-assets. The Council of Europe recently adopted DAC8, which aims to increase tax transparency in crypto-assets and combat tax evasion and avoidance".

Furthermore, acknowledged industry leaders met on the "Cyprus's Steps Towards Complete Tax Transparency" panel discussion to share their views on Tax Transparency and Tax Reform. During the panel discussion, our Managing Partner, CEO George Themistocleous, mentioned that in addition to the adoption of all international tax initiatives, which were designed to enhance tax compliance and transparency, most companies need to prepare mandatory audited financial statements. These, provides an additional assurance, and the tax department may use them for further processing. Additionally, when asked whether the 12.5% tax rate implies that we are not committed to having more transparency and fairness in our system, he responded that, "I do not believe that a tax rate itself can provide a direction or can characterise the whole tax system which we do have in Cyprus as transparent or not. We need to focus on the bigger picture, since Cyprus is not the only country that applies that specific tax rate. Taking into consideration the current discussions about the tax reform in Cyprus, we will need to think about how we should move forward and apply what is needed to create a modern and transparent tax legislation that we can easily adapt. Our aim, should be also retaining Cyprus's reputation and continue attracting foreign investments that are very important for our country's prosperity".

Taking into consideration the market dynamics and the legislative changes, our tax advisors are continuously being informed and updated for all upcoming developments, to provide insightful information and customised tax solutions, fully aligned with the local and international tax requirements.