Basic VAT principles
17 & 18 February 2022 | 9:00 a.m. – 1:00 p.m. | 7 CPD
17 & 18 February 2022 | 9:00 a.m. – 1:00 p.m. | 7 CPD
Please note that since the daily numbers of COVID-19 cases in Cyprus are still considered high, KPMG Academy will keep offering its trainings online until further notice, to ensure the safety of its clients and personnel. In case of considerable decrease in COVID-19 cases in Cyprus and the level of contamination through physical gatherings becomes relatively low, webinars will be converted to face-to-face seminars. If so, this training will be conducted on 17 February 2022 (from 08:30 to 16:45) instead of 17 & 18 February 2022 (from 9:00 to 13:00). Further information will be communicated to you in due course.
A Board Member and his team, experts on VAT issues will teach the basic principles of the Cyprus VAT legislation to the participants of this seminar, both in theory and practice. The knowledge on how to manage VAT issues will help the participants to deal with their daily transactions in order to avoid penalties.
By the end of the seminar, participants will be able to:
- Understand the basic concepts of the Cyprus VAT Legislation
- Identify the changes in the Cyprus VAT Legislation
- Acquire adequate VAT knowledge, which will help them in treating their daily transactions correctly and proceed with any necessary actions.
CFOs, financial managers, chief accountants, accountants, assistant accountants and professionals responsible for financial matters and / or the VAT treatment of the company. Basic knowledge of the VAT principles will be recommended.
*The number of participants is restricted to 28.
Join the webinar (8:30 a.m. - 9:00 a.m.) *
Sessions (9:00 a.m. – 13:00 p.m. including two 15-min breaks between sessions)
1. Introduction – Basic VAT Principles (15 min)
- Introduction to the basic VAT principles
- General Tax
- Legal / Historical background
- VAT as a general consumption Tax
Taxable Transactions (45 min)
- Which transactions are subject to VAT?
- Supply of goods
- Supply of services
- Intra-community acquisition of goods
2. Taxable Persons (1 hr & 30 min)
- Who is considered to be a taxable person?
- Who is considered to be a non-taxable legal person?
- What is considered as an economic / non-economic activity for VAT purposes?
Place of Supply
- Place of taxable transactions
- Place of supply of goods
- Place of supply of services
3. Chargeable Event and Chargeability of VAT (2 hrs)
- Chargeable event vs chargeability of VAT
- Basic rule
- Special rules
Taxable Amount and VAT rates
- Main principle of taxable amount
- Main points to take into consideration
Exemptions and Zero VAT rate
- Which transactions fall under the zero VAT rate?
- Which transactions are exempted from VAT purposes?
- Origin and scope of the right of deduction
- Exempted transactions with the right and with no right to deduct input VAT
- Taxable person’s entitlement to deduct input VAT
- Proportional deduction
- 1st level of apportionment
- 2nd level of apportionment
4. Obligations of Taxable persons (2 hrs)
- Liability to pay VAT
- Register for VAT
- Filing obligations
- VAT returns
- Recapitulative statements (VIES)
- Obligation to issue invoice
- Content of invoices
- Analysis of VAT return’s boxes
5. Practical Examples (30 min).
*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), in order to make sure that you do not face any connection or other technical issues.
If you wish to register for the webinar, please complete the registration form.
Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the webinar’s date for your registration to be confirmed.
The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enrol in this webinar as soon as possible.
If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.
€270 + VAT. Net investment after subsidy from the HRDA of €119: €202,30 (including VAT) for all eligible participants*
*Last Date for 10% Early Bird Discount: 27/01/2022
- For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same webinar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
- For individuals/legal entities who/which register in more than two (3+) webinars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
- There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
- There is a 10% Early bird discount on selected webinars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
- HRDA subsidy for all HRDA approved webinars.
For any queries, please contact Irini Avraam on +357 22 207 460 or at email@example.com.
CPD: This webinar may contribute to Continuing Professional Development requirements. Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours (7 CPD).
Board Member, Indirect Tax Services, KPMG in Cyprus
Michael is a Board Member and leads the Indirect Tax function at KPMG. Michael has extensive experience in Cypriot and European VAT legislation, EU VAT matters and decisions of the European Court of Justice (ECJ).
Michael has provided professional services to several large both multinational and local enterprises of various sectors, focusing on the financial services and real estate industries. He has provided indirect tax advisory services to several financial and payment institutions, Cypriot investment firms, UCITS, AIFs and real estate companies.
He is also a Member of the VAT committee of ICPAC (Institute of Certified Public Accountants of Cyprus). Michael was involved in various projects concerning VAT automation solutions and assists in the VAT coding design and implementation. He also leads KPMG’s Tax Technology development team.
Michael is the instructor in various KPMG training courses, presenter for various KPMG seminars and author of indirect tax articles. In 2015, Michael was certified by the HRDA as a “Trainer of Vocational Training”.
Lagou Mundi Irene
Senior Manager, Indirect Tax Services, KPMG in Cyprus
Irene Lagou is a Senior Manager at KPMG’s Indirect Tax Department with abackground in law.
Irene has gained her 16-year experience by providing VAT advisory services to an extensive portfolio of local and international clients regarding their indirect tax affairs based on the provisions of the Cyprus VAT Act, as well as the EU VAT Directive and decisions of the European Court of Justice and the Cyprus High Court.
Irene also assists external lawyers in relation to the preparation of appeals submitted before the Cyprus High Court against decisions of the Cyprus Tax Commissioner on Indirect Tax issues, analyses issues of indirect tax policy and the impact of EU developments on Cypriot taxpayers and liaises with both the Cyprus VAT Authorities and Customs and Excise Department regarding the proper interpretation of the VAT and Customs Legislation.
She has been writing articles on a regular basis and has numerous publications on VAT issues in local and international press. She also presents indirect tax seminars organized both internally as well as externally. In 2015, she was certified by the HRDA as a “Trainer of Vocational Training”.
Manager, Indirect Tax Services, KPMG in Cyprus
Alexis holds a bachelor’s degree in economics from the University of Cyprus and ACCA and ADIT certifications with specialization in EU VAT. Alexis is also accredited with the VAT Compliance Diploma (UK syllabus) from The Association of Taxation of Technicians.
From 2011 to 2014, he worked at a Big4 firm in the Indirect Tax Department, where he gained experience in providing VAT advisory services to multinational companies. Since joining KPMG Cyprus in 2015, Alexis is working at the Indirect Tax Department in Limassol, providing VAT advisory services to major portfolio clients of the shipping, financing, real estate, and e-commerce sectors, as well as to clients involved in international trades.
Additionally, Alexis has been an instructor/facilitator for both in-house and open Indirect Tax seminars. In 2020 he was certified by the HRDA as a Vocational Training Instructor.
The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy.