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Our team is focused on providing insightful perspectives on issues that matter to our local and global market.

2017

Human instinct or Machine logic – Which do you trust most in the fight against fraud and corruption?
Dr. Aristodemos Yiannakas, Senior Manager EY Cyprus Fraud Investigation & Dispute Services (FIDS)
June, 2017

  • Between November 2016 and January 2017, 4,100 interviews were conducted in 41 countries across EMEIA (Europe Middle East, India and Africa) by Ipsos MORI on behalf of EY. The interviews consisted of both face-to-face and online interviews in local languages on an anonymous basis, covering a mixture of company sizes, job roles and industry sectors. Cyprus was included in the survey for the very first time. Α total of 100 respondents from different sectors of the economy participated in the survey: 25% from Financial Services, 32% from the Government and the Public Sector, 18% from Technology, Communications and Entertainment, 11% from Consumer Products, Retail and Wholesale, and 14% from other sectors. Apart from board directors, employees from top management, middle management and other employees were surveyed.
    English  -  Greek

Practical challenges in the implementation of OECD CRS and the way forward
Panayiotis Tziongouros, Manager EY Cyprus International Tax Services
March, 2017

  • Over the last years Cypriot banking institutions were particularly concerned with the implementation of a number of customer tax transparency regulatory regimes, namely the European Union Savings Directive, the Foreign Account Tax Compliance Act (‘’FATCA’’) and last but certainly not least, the OECD Common Reporting Standard (‘’OECD CRS’’). Over the last year we noticed a number of practical challenges that Cypriot banking institutions experienced while embarking on the implementation journey of the OECD CRS. While the challenges are numerous and some of them greatly overlap, we have attempted to prioritise and categorise these implementation obstacles in the following categories: a) Impact on customer experience, b) Data management and c) Technology updates.
    English

Family Office: a new or old phenomenon? Pathway to successful family and wealth management
Dr. Charalambos Constantinou, EY Cyprus Head of Advisory Services
January 17, 2017

  • Family offices are not a new phenomenon in finance and wealth management. Their origins date back to the 16th century, when kings authorized others to manage their royal wealth. As time passed and kings became an anachronism, the financially wealthy and noble adopted a similar concept to manage and grow their wealth, help avoid family disputes and maintain transparency. Prominent examples include J.P. Morgan who founded the House of Morgan in 1838 to manage family assets, and years later, the Rockefellers who founded their own family office, which still provides services to other families.
    English  -  Greek

2016

2017 Challenges & Prospects
Stavros Pantzaris, Country Managing Partner
November 17, 2016

  • We enter 2017 with a positive economic outlook we owe to 2016, a year that marked Cyprus’s exit from the Memorandum. 2016 was also a year that showed us the resilience of the Cypriot economy. We expect 2017 to be a similarly robust year, stimulating growth across all sectors of the economy. Nevertheless, despite promising signs, we can’t overlook the recent political developments in the Cyprus issue, as these could potentially change our outlook. Based on the information currently available, I can make some reasonable projections.
    English  -  Greek

ΦΟΡΟΣ ΑΚΙΝΗΤΗΣ ΙΔΙΟΚΤΗΣΙΑΣ
Μάριος Παπαγεωργίου, Διευθυντής Taxation Services στην EY Cyprus
Μάριος Ιακώβου, Διευθυντής Taxation Services στην EY Cyprus
September 16, 2016

  • Αν είστε ιδιοκτήτης Ακίνητης Ιδιοκτησίας (‘Α.Ι.’) που βρίσκεται στην Κυπριακή Δημοκρατία, τότε το άρθρο αυτό ίσως να αξίζει της προσοχής σας, καθώς το έτος 2016 σηματοδοτεί σημαντικές αλλαγές στη φορολογία της. Αφενός έχει αλλάξει ο τρόπος φορολογίας A.I., με βάση την υφιστάμενη νομοθεσία, και αφετέρου το 2016 είναι η τελευταία χρονιά που η εν λόγω νομοθεσία θα παραμείνει σε ισχύ. Από το έτος 2017, οποιαδήποτε υποχρέωση πληρωμής βάση των διατάξεων της εν λόγω νομοθεσίας, καταργείται. Ας δούμε όμως τι ακριβώς ισχύει μέχρι και το τέλος του έτους 2016, χρήσιμες, πρακτικές πληροφορίες σχετικά με τη νομοθεσία, καθώς επίσης και ένα σύντομο ιστορικό της.
    Greek

Transfer Pricing at our Doorstep
Petros Krasaris, EY Cyprus International Tax Services
Charalambos Palaontas, EY Cyprus Transfer Pricing Services
June 16, 2016

  • In an era of endless cross-border trade and complicated cases of recognising income streams, the traditional tax frameworks needed an upgrade to keep pace with the ongoing transformation of the worldwide economy. Subsequently, the world’s 20 biggest economies joined forces to develop the Base Erosion and Profit Shifting project known as ‘BEPS’. BEPS is divided into 15 distinct but related ‘actions’ that can be summarized into 3 key themes: consistency, substance and transparency. More specifically, this article focuses on Transfer Pricing documentation, the details of which are included in Action 13. As per OECD’s Final Report on Action 13, a three-tiered standardized approach to transfer pricing documentation and country-by-country (CbC) reporting should be followed. This consists of a “Master file,” a “Local file” and a “CbC reporting template”. On 25 May 2016, the amendments to the EU Directive (2016/881 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation) were unanimously voted by the Finance Minister of EU Members in the ECOFIN meeting, to enact the recommendations of OECD BEPS Action 13 on CbC reporting.
    English   -  Greek

EU Directive on Country-by-Country Reporting
Charalambos Palaontas, EY Cyprus Transfer Pricing Services
June 16, 2016

  • On 25 May 2016, the amendments to the EU directive on exchange of information (the Directive) were unanimously voted, by the Finance Minister of EU Members in the ECOFIN meeting, to enact the recommendations of OECD Base Erosion and Profit Shifting (BEPS) Action 13 on Country-by-Country Reporting (‘CbC Reporting’).
    English   -  Greek