Tuesday
November 26, 2019

Single voice for VAT in Cyprus

The Founding Members of the Cyprus VAT Association (CYVA).

NicosiaThe Cyprus VAT Association (CYVA) was recently established with the aim of providing a unified and independent voice to all professionals and businesses in Cyprus on Value Added Tax (VAT) matters.

According to the Association’s Articles of Association, its main objectives are to promote VAT tax, legal and related matters with the Government, the House of Parliament and the Tax Department for the purpose of adopting and implementing them. Also, to contribute to the proper adoption of VAT European Directives and Regulations, to help modernise and simplify the Cyprus VAT legislation, and to liaise and consult with the European Commission and other international bodies on Cyprus VAT matters.

Another important purpose of the association is to educate its members, professional bodies, and state and non-governmental organisations on VAT matters and to serve and safeguard the public interest in matters of indirect taxation.

Eligible for membership with the Association are businesses in Cyprus such as law, accounting and audit firms, corporate and administrative services companies, local and international business companies, as well as self-employed persons.

The inaugural meeting of CYVA was held on Thursday, 21 November, 2019 in Nicosia, during which the founding members of the association, Chelco VAT Ltd, Nexia Poyiadjis, Scordis, Papapetrou & Co LLC, Andreas Konnaris LLC, GDK Optimus Audit Services Ltd, C. Efstathiou Audit Ltd and Kinanis LLC elected the Board of Directors and discussed their first steps.

Kinanis LLC Partner, Demetra Constantinou, was elected Chairwoman, VAT consultant and Managing Director of Chelco VAT Ltd, Alexis Tsielepis, was elected Vice-Chairman, Chelco VAT Director, Panayiotis Panayi, as Secretary and Nexia Poyiadjis Senior Partner, Susana Poyiadjis, as Treasurer.

Following her election, Constantinou said that CYVA offers all professionals and businesses the opportunity to unite and improve and modernise existing VAT laws and regulations for “the proper, effective and fair application of this tax in Cypriot society and the economy.”

She added that the association would summon all its knowledge and know-how to train and educate indirect tax professionals and businesses alike on the island.

In his comments at end of the association’s inaugural meeting, Tsielepis said that CYVA will act as a platform between professionals, businesses, the government, the parliament and the relevant European institutions.

“So far there has been a gap. There was no open public dialogue on VAT matters and information and feedback on proposed changes to VAT legislation and on VAT practices was scarce. Professionals and businesses did not have a platform through which to get involved. CYVA will contribute towards an open and constructive dialogue, something that was missing,” he added.