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Commissioner of Taxation Presents Cyprus Tax Developments at First Tax Conference

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The Commissioner of Taxation in Cyprus – Mr Yiannis Tsangaris – presented various Cyprus tax developments during a speech at the island’s first ‘Cyprus International Tax Conference’, which took place on February 1, 2018 in Nicosia.

In particular, Mr Tsangaris discussed the workings of the Cyprus Tax Department, and the Tax Rulings Unit it utilises. Explaining that the Tax Rulings Unit is staffed with competent personnel, he outlined its function of providing taxpayers with tax comfort, prior to the execution of prospective transactions, along with its role of issuing Advanced Tax Rulings that cover all types of business operations and taxes.

The Commissioner stressed that these advanced rulings constitute an interpretation of the different tax legislations and relevant tax treaty provisions, and do not serve as a confirmation of unlawful arrangements - either in the light of the guidelines of EU Code of Conduct for Business Taxation (for direct taxes), or in the light of the EU State Aid rules.

Mr Tsangaris also gave an overview of the elements of the island’s modern tax regime that contribute to making it a competitive and attractive foreign investment destination in comparison with other EU jurisdictions. He further emphasized that these elements - and the associated infrastructure - provide a secure and solid ground for foreign investors.

Other topics covered included the role of fast-paced technological advances, and developments in international tax issues and their need for compliance – highlighting Cyprus’ success within this domain.