EY Cyprus has, once again, sponsored and participated in the 5th Cyprus International Tax Conference, titled “The New Global Tax Reality: What’s Next for Cyprus?”, which was held on Tuesday March 15th at the Hilton Nicosia.
The conference addressed the most recent trends and developments in taxation across Europe and the globe. Topics discussed included Tax reforms and the Cypriot reality, the EU tax perspective and forthcoming actions, the Pillar Two agreement and the implications for Cyprus, DAC6 and the end of Aggressive Tax Planning, Cyprus Recovery and Resilience Plan and Green Tax Reform and increased flexibility on VAT rules.
Distinguished speakers from the private and public sectors and policymakers shared their insights on recent tax developments and decisions. Conference attendees had the opportunity to place questions to the speakers and network with professionals and senior executives from, among others, accounting, audit and tax firms, financial and corporate service providers, law firms, investment firms, regulators and governmental authorities.
EY was represented at the event by two speakers.
Christopher Sanger, Global Government and Risk Tax Leader; Tax Policy Leader: EMEIA Tax Centre, Ernst & Young, UK and Ireland, spoke on “The Global Tax Outlook: 2022 and beyond.” The speaker discussed the future for tax competition, following international agreement at the October 2021 Inclusive Framework meeting and the subsequent publication of model rules for the Global Anti Base Erosion proposals, focusing on the position of small, open economies such as Cyprus, and taking into account the latest tax-related developments in the European Union.
Philippos Raptopoulos, ΕΥ Cyprus Partner and Head of Tax and Legal Services, participated in a panel discussion on the topic of “Tax reforms and the Cypriot reality”, focusing on How local Tax Departments should adapt to changes and the new global reality.
Commenting on the upcoming tax reforms, Philippos Raptopoulos said: “Today it is widely agreed that Cyprus has to update its tax system to bring it in line with OECD and EU regulations while retaining its competitiveness, while also correcting some inefficiencies of the existing tax system which affect primarily local businesspeople. This reform will significantly improve our image and credibility among serious international investors and stakeholders and will send a positive message that Cyprus is following and respecting the Global tax rules. As always, when you introduce far-reaching reforms after many years, there will be many challenges, but they will be manageable.”