EY Tax Conference tackles key tax challenges facing Cypriot and Russian companies in Cyprus - Cyprus Profile

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Articles | 26 April 2017 | EY Cyprus

EY Tax Conference tackles key tax challenges facing Cypriot and Russian companies in Cyprus

Key topics included Cypriot legislative updates and tax developments, Cyprus in the new global tax environment from the Russian and local perspective, and Russia-Cyprus business connections in light of the current and future tax trends

The President of the Republic of Cyprus, Nicos Anastasiades, addressed the Conference, stressing that Cyprus will remain a reliable partner to Russian businesses.

EY Cyprus hosted its annual flagship International Tax Conference, on Recent tax developments: Russia – Cyprus and global tax trends, at the Hilton Cyprus, Nicosia, on Friday, 21st April 2017.  The conference, which was organized in collaboration with the Cyprus International Business Association (CIBA), brought together Cyprus government tax officials, C-suite executives from leading multinational companies and Russian groups, EY Cyprus and Russia partners and directors.  More than 200 delegates attended in total, to hear about the latest updates on the changing tax landscape between Russia and Cyprus.

The Conference was honored by the presence of the President of the Republic of Cyprus, Nicos Anastasiades, who stated during his keynote address:

“It is truly a great pleasure to address such a distinguished audience which holds a strong interest in exploring recent financial and tax developments in Russia and Cyprus, but which is also ready to work for the strengthening of the economic, commercial and investment ties between our countries… Our countries share a long-standing partnership at all levels and in all fields: a partnership founded on concrete and deeply-entrenched historical, political, economic, cultural and religious ties… The business community of the Russian Federation can rest assured that Cyprus will remain a reliable partner and will retain its position as a significant international hub for Russian and Cypriot business and investment.”

In his introductory welcome speech, Stavros Pantzaris, EY Cyprus Country Managing Partner, said:

“Focusing now on today’s topic and the discussions that will follow, I cannot but underline the historical and economic ties of Cyprus and Russia… From a tax perspective, Cyprus is a pioneer in the Russian market, changing its beneficial treaty for the avoidance of double taxation, still providing for numerous tax benefits and maintaining the most favourable terms of income taxation… In a global framework that demands even more transparency and with evidence that most of the world’s largest economies are beginning to show signs of introversion, physical presence and substance of businesses are topics that are becoming more and more important. I dare say that even in this area Cyprus offers significant advantages.”

After the keynote introductions, Alexei Ryabov, EY Russia International Tax Services Partner, launched the discussion by providing insights into a survey conducted amongst participants before the event. He revealed the leading competitive advantages of Cyprus, as per the survey results, are the 0% tax rate on received dividends, the quality of life and the fact that there is no withholding tax. These findings, coupled with other compiled insights from the Conference, will be utilized to develop solutions alongside the respective governments.

Amongst its distinguished speakers, the Conference featured the Commissioner of Taxation Yiannis Tsangaris, the Head of the Tax Department of the Ministry of Finance, George Panteli, and others.  The EY Tax Conference agenda comprised:

  • Yiannis Tsangaris, Commissioner of Taxation, covered Rulings as a key element of tax stability and predictability
  • George Panteli, Director, Ministry of Finance, covered Updates on tax treaty developments and transparency requirements
  • Marina Belyakova, EY Russia Tax Partner, covered Cyprus in Russian corporate structures: Recent trends
  • Maria Frolova, EY Russia Tax Partner, covered Exchange of information and its practical impact on Russian business
  • Philippos Raptopoulos, EY Cyprus Partner, Head of Tax Services, covered Cyprus in the context of the current global tax environment
  • A panel Discussion lead by Ministry and Tax Department Officials, EY Cyprus and EY Russia Partners focused on Russia-Cyprus business connections in light of the current and future tax trends.
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