KPMG in Cyprus supported and participated, for yet another year, in the 6th Cyprus International Tax Conference, held on 14 February. During the Conference, the new tax developments and trends at international and European level, were discussed and analysed. The need for a holistic reform of the Cypriot tax framework was also pointed out, in order for Cyprus to remain an attractive foreign investment destination and by extension its establishment as a modern and flexible financial centre ready to fully respond to the needs of a changing and constantly evolving business environment.
KPMG in Cyprus was represented by Mr. Costas Markides, Board Member, Head of International Tax Services.
Mr. Costas Markides participated in a discussion on the developments of the European Directive regarding the establishment of rules to prevent the abuse of entities lacking substance (Shell companies), if it is adopted in its current form, as well as on the impact that the adoption of the European Directive had in Cyprus on the topic of automatic exchange of information regarding reportable cross-border arrangements (DAC 6).
A topic worth noting is, within the context of the panel discussion on the urgency for a holistic tax reform, the proposal submitted by Mr. Markides on the need of establishment of a national tax policy and planning committee, composed of government officials and private sector technocrats in order to continuously monitor international developments and best practices for the purpose of adjusting our tax framework on a timely and effective manner where and when needed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.