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Limassol – Well-known tax expert, Alexis Tsielepis, has been appointed on the Board of Directors of the Cyprus Theatre Organisation (THOC).

The Managing Director of Chelco VAT Ltd was appointed on the Board earlier this month following a personal request by Cyprus President, Nicos Anastasiades.

Tsielepis was selected for his professional background and love for the arts.

“When the President calls you in person and honours you with a seat on the Board of the island’s most important cultural vehicle, you can’t say no, and I didn’t want to!” Tsielepis said, adding:

“Outside of my work, I have always been passionate about music, arts and the theater. Although I have an almost romanticised perception of working with the people of THOC, I am under no delusion that my professional skills will be put to good use in reviewing the current operations and determining the future path of this organization, to make a real difference in THOC and help it grow and prosper.”

Tsielepis is widely considered as the foremost expert on VAT in Cyprus. He is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC). He also holds the Expert in European Value Added Tax (VAT) Degree, which he earned with the highest grade ever awarded in the history of the coveted diploma.

He sits on various committees charged with tax matters, and has authored a number of publications on indirect tax, tax syllabuses and lectures at local and international VAT seminars and conferences.

He had previously served as Vice-Chairman of the Cyprus Grain Commission.

As a semi-government organisation, THOC falls under the supervision of the Minister of Education and Culture of Cyprus and is governed by a nine-member Board of Directors for a thirty-month term of office.

The aims and objectives of THOC are to promote dramatic arts in Cyprus, to cultivate theatrical culture, and to promote artistic relations between the theatre world of Cyprus with those of Greece and other countries.

Limassol – Director and Head of Taxation with Costas Tsielepis & Co Ltd, Nicolas Papapanayiotou, has been offered a partnership with the firm.

He made partner on 1 January 2019, joining George Tsielepis, Alexis Tsielepis, Antonis Christodoulides and Costas Constantinou.

Nicolas is a seasoned tax advisor specialised in corporate and personal taxation. He has close to 15 years of solid experience in the fields of national and international tax advisory and compliance.

Nicolas graduated from the University of Hull where he received a Bachelor of Science Degree (BSc) in Economics and Accounting. He then went on to earn a Master of Business Administration (MBA) in Financial Management and qualified with the Tax Department of Deloitte, Cyprus. He is a Fellow of the Association of Chartered Certified Accountants (FCCA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC).

He was appointed to the firm’s Board of Directors on 1 December 2016.

Cyprus recently introduced a highly lucrative Film Scheme with the aim of providing tax incentives to film production companies.

The tax incentives encourage international producers to choose Cyprus as their next film destination.

A summary of the incentives is mentioned below:

• Cash rebate up to €650.000 for each production; or
• Tax exemption of income generated from the production of film;
• Tax allowance on investment in cultural infrastructure and equipment;
• VAT refund on expenditure

(i) Cash rebate

Companies can claim a cash rebate of up to 35% of eligible expenditure incurred in Cyprus. The maximum annual cash rebate cannot exceed €650.000 per production and €1.500.000 for all productions.

For a more effective use of the Scheme, specific cultural criteria have been established, that will serve as a basis for the evaluation of the proposed productions.

The rebate will be given once filming is completed, on receipt of the audit report and its review by the relevant Committee.

(ii) Tax exemption

As an alternative to cash rebate, a company involved in film production can benefit from a tax exemption of up to 50% of its taxable income. The exemption is limited to 35% of the eligible expenses approved by the competent authority implementing the program. Any restriction on the exemption resulting from the limitation to the 35% can be recovered over the next five years.

(iii) Tax deduction

Individuals, small as well as medium sized enterprises investing in film infrastructure and equipment are entitled to deduct the amount of the investment from their taxable income in the year of the investment.  The tax deduction cannot exceed 20% of the eligible expenses for individuals and small enterprises and 10% for medium sized enterprises. In order to be eligible to enjoy the deduction, the investment in equipment would need to remain in Cyprus for at least 5 years.

(iv) VAT refund

Companies and individuals from third countries incurring eligible expenses on film productions, are entitled to a VAT refund in the same way as those from EU Member States in accordance with the relevant EU Directive.

The refund shall arise within 6 months from the end of the last deadline for submitting the VAT declaration for the period during which the expense occurred, or from the date on which the application for the VAT refund is filed.

Qualifying production categories include, amongst others, feature Films (including animation), television Series or mini-series, documentaries for Theatrical or Television release, animation (digital or analogue), television research programs and natural history.

The Scheme for the promotion of the Filming Industry, entered into force with the creation of the online platform ‘Film in Cyprus’ at film.investcyprus.org.cy.

Costas Tsielepis & Co celebrated its 40^th Anniversary with an audiovisual extravaganza at Parklane, a Luxury Collection Resort & Spa, in Limassol on Saturday, 17 November 2018.

In the presence of the President of Cyprus, Nicos Anastasiades and the First Lady, the firm treated its more than 500 guests to an unforgettable evening, which included a concert by the legendary Greek singer, Alkistis Protopsalti, a performance by the sensational girl band, Amadeus, a gastronomic feast, a few heart-touching moments and lots of surprises.

For full coverage and more photos from the event, click here.

Watch what happened below: