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Limassol – In a celebration of humanity and solidarity, staff from Costas Tsielepis & Co Ltd and associated companies joined the offices of Dinos Antoniou & Co Ltd earlier this week in donating blood.

The blood donation was held at the Globalserve Business Center in Limassol on Thursday, 17 January 2020. It was participated by the management and staff of the firms as well as guests.

Cyprus has almost double the proportion of active blood donors compared to any other EU country.

One pint of blood can save up to three lives. A single victim of a serious car accident can require more than 50 pints of blood while the average red blood cell transfusion in cancer patients is 3.4 pints, requiring four donors.

Limassol – Chelco VAT Ltd Director, Panayiotis Panayi, became a partner of the firm on 1 January 2020.

Panayiotis is a seasoned professional with over 10 years of experience in VAT advisory and compliance services. An Associate Chartered Accountant (ACA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC), he also holds a Bachelor of Arts degree in Accounting and Finance from Manchester University in the UK. In 2017, he was awarded the prestigious Expert in EU VAT degree, finishing first in his class.

Panayiotis trained with Big Four firms in the UK and Cyprus as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW), before joining Chelco VAT Ltd as Senior VAT Consultant in 2014. He was promoted to Director in January 2018.

Panayiotis teaches VAT at local seminars and workshops and has authored or contributed to various articles and other publications in Cyprus and abroad on matters pertaining to Cyprus and EU indirect taxation.

Managing Director and founder of Chelco VAT, Alexis Tsielepis, commented that “Panayiotis’ partnership was the result of his impeccable technical and interpersonal skills, hard work, dedication and outstanding work ethics.”

Tsielepis labeled Panayiotis as “the best wingman” he could ever have, adding that Chelco VAT is lucky and privileged to have him on board.

“Having such a dedicated professional like Panayiotis on your team is a tall order, literally and metaphorically,” Tsielepis said.

The management and staff of Chelco VAT and its associated companies wish him good luck in his upgraded role.

He can be reached at [email protected].

Chelco VAT Ltd is the island’s first VAT-dedicated firm and is now considered the foremost authority on indirect tax matters in Cyprus. It is also a leader in the organisation and delivery of VAT seminars, workshops and in-house technical courses via its educational arm, the Chelco VAT International Academy.

Nicosia – Total deposits in Cyprus reached €48.6 billion in November 2019, while outstanding loans €34.2 billion, the Central Bank of Cyprus announced last week.

Specifically, according to the official data, total deposits in November 2019 recorded a net drop of €84.1 million, compared to a net decrease of €158.3 million in October 2019.

In comparison, total deposits in Cyprus banks, which included Coops, in December 2014 stood at €47.04 billion, while in December 2012, just before the bailout, at €70.1 billion.

The annual growth rate in in November 2019 reached 2.2%, compared with 1.8% in October 2019.

Outstanding deposits reached €48.6 billion in November 2019.

Total loans in November 2019 exhibited a net increase of €34.9 million, compared with a net decrease of €75.0 million in October 2019.

The annual growth rate stood at 1.3%, remaining unchanged compared with October 2019.

The outstanding amount of total loans reached €34.2 billion in November 2019.

Nicosia – Total Assets Under Management (AUM) for the third quarter of 2019 in Cyprus reached €7.7 bln, recording a 12% increase compared to the second quarter of 2019, according to a quarterly bulletin recently issued by the Cyprus Securities and Exchange Commission (CySEC).

The bulletin provides the key findings regarding the Collective Investment Schemes Sector in Cyprus.

CySEC added that during the same period, Undertakings of Collective Investments (UCIs), managed by the Management Companies, also registered a Net Asset Value (NAV) of €5.6 billion. Approximately 64.6% of the AUM relate to Assets managed by Alternative Investment Fund Managers (AIFMs), 28.2% by the sub-threshold AIFMs, 3.2% by the UCITS Management Companies, 2.7% by the CIFs and only 1.3% by the Regulated UCIs that are managed by Foreign Fund Managers.

At the same time, Management Companies and UCIs aslo recorded a further increase in the third quarter of 2019 in which CySEC had a total of 203 Management Companies and UCIs under its supervision. From these, 130 companies have operations. The total number of companies includes 104 externally managed UCIs, 58 internally managed UCIs and 41 external Fund Managers. The total number of Management Companies includes 28 AIFMs, 67 Sub-threshold AIFMs and 4 UCITS Management Companies.

UCITSs invest heavily in Transferable Securities (80%), followed by investments in Bank Deposits (10%). AIFs, AIFLNPs and RAIFs invest mainly in Private Equity (40%), while investment in Real Estate represents 15% of the AUM.

There are 117 UCIs in total with operations. The 71% of the total AUM relates to 105 UCIs domiciled in Cyprus (10 UCITS, 32 AIF, 62 AIFLNP and 1 RAIF). From the total 117 UCIs managed by UCIs Management Companies, 79 invest in Cyprus entirely or partially and €1.9 billion (26%) are investments made in Cyprus. The 48% of the investments in Cyprus are in Private Equity, while 15% of the investments in Cyprus are in Real Estate.

Finally, categorising the unit-holders, for UCITs these are mainly Retail Investors (99.3%), while for AIF, AIFNLP and RAIF, 51.5% of them are Professional Investors, 45.3% Well-Informed Investors and only 3.2% Retail Investors.

Limassol – A total of 57 kilos were lost during this year’s Chelco VAT Weight Challenge, raising €300 for charity.

Winners of the Weight Challenge were Costas Tsielepis & Co Audit Supervisor, Sonia Andreades and Tax Consultant, Ermos Christodoulou, who lost seven kilos each.

The ‘Chelco VAT Weight Challenge – Just for the Health of It!’ campaign started in September with a weigh in of all participating staff of Chelco VAT Ltd and allied companies who then set out to lose weight through company-sponsored health seminars, one-on-one nutrition consultations and more.

What matters is the difference in weight of staff members at the beginning of the Challenge and at the end.

At the final weigh in on 6 December, Chelco VAT contributed €5 for each kilo lost while those who stayed the same weight had to contribute €5. Those who put on weight had to pay €3 for each kilo gained.

The two winners jointly decided to allocate the money that was raised to an underprivileged Limassol family in need.

The Chelco VAT Weight Challenge was first organised in 2015 and besides raising money for a worthy cause, it also aims at infusing a healthier lifestyle in the office and demonstrating that a healthy mind goes hand in hand with a healthy body.

Pictured in the photo are the winners, Sonia Andreades and Ermos Christodoulou.

Limassol – Costas Tsielepis & Co Ltd released this week its latest A to Z Tax Guide on owning immovable property in Cyprus.

The Tax Guide provides an analysis of what needs to be considered before acquiring a property, while owning it and when selling it.

The Guide takes into consideration all relevant taxes involved with owning and disposing property in Cyprus, including income tax, capital gains tax, VAT, municipal and state taxes and stamp duties.

This, and previous Tax Guides, are available on the Costas Tsielepis & Co Ltd website under
E-Library/Articles

The Founding Members of the Cyprus VAT Association (CYVA).

Nicosia – The Cyprus VAT Association (CYVA) was recently established with the aim of providing a unified and independent voice to all professionals and businesses in Cyprus on Value Added Tax (VAT) matters.

According to the Association’s Articles of Association, its main objectives are to promote VAT tax, legal and related matters with the Government, the House of Parliament and the Tax Department for the purpose of adopting and implementing them. Also, to contribute to the proper adoption of VAT European Directives and Regulations, to help modernise and simplify the Cyprus VAT legislation, and to liaise and consult with the European Commission and other international bodies on Cyprus VAT matters.

Another important purpose of the association is to educate its members, professional bodies, and state and non-governmental organisations on VAT matters and to serve and safeguard the public interest in matters of indirect taxation.

Eligible for membership with the Association are businesses in Cyprus such as law, accounting and audit firms, corporate and administrative services companies, local and international business companies, as well as self-employed persons.

The inaugural meeting of CYVA was held on Thursday, 21 November, 2019 in Nicosia, during which the founding members of the association, Chelco VAT Ltd, Nexia Poyiadjis, Scordis, Papapetrou & Co LLC, Andreas Konnaris LLC, GDK Optimus Audit Services Ltd, C. Efstathiou Audit Ltd and Kinanis LLC elected the Board of Directors and discussed their first steps.

Kinanis LLC Partner, Demetra Constantinou, was elected Chairwoman, VAT consultant and Managing Director of Chelco VAT Ltd, Alexis Tsielepis, was elected Vice-Chairman, Chelco VAT Director, Panayiotis Panayi, as Secretary and Nexia Poyiadjis Senior Partner, Susana Poyiadjis, as Treasurer.

Following her election, Constantinou said that CYVA offers all professionals and businesses the opportunity to unite and improve and modernise existing VAT laws and regulations for “the proper, effective and fair application of this tax in Cypriot society and the economy.”

She added that the association would summon all its knowledge and know-how to train and educate indirect tax professionals and businesses alike on the island.

In his comments at end of the association’s inaugural meeting, Tsielepis said that CYVA will act as a platform between professionals, businesses, the government, the parliament and the relevant European institutions.

“So far there has been a gap. There was no open public dialogue on VAT matters and information and feedback on proposed changes to VAT legislation and on VAT practices was scarce. Professionals and businesses did not have a platform through which to get involved. CYVA will contribute towards an open and constructive dialogue, something that was missing,” he added.

Limassol – Renowned Maltese VAT expert, Matthew Zampa, joins forces with the Chelco International VAT Academy in Cyprus to deliver a unique seminar on the Value Added Tax (VAT) treatment of cryptocurrencies.

Titled “Digital Assets: Decrypting VAT,” the first-of-its-kind seminar will be held in Limassol in the morning of Thursday, 14 November 2019 and is geared towards professionals in the forex industry, investment firms, financial services and financial technology companies and other CySEC regulated entities as well as accountants, lawyers and tax consultants dealing with digital currencies.

The seminar will analyse how the existing VAT legislation regulates businesses operating in the blockchain space and present the current pitfalls.

The audience will also be presented with the different operations that blockchain businesses might be involved in, with a view to identifying the applicable VAT treatment. Also explained will be the VAT treatment of the different types of Distributed Ledger Technology (DLT) assets, the raising of capital through initial coin offerings and security token offerings, the different types of exchanges and their VAT treatment and the VAT implications for such service providers as miners, digital wallet providers and portfolio managers.

For the VAT treatment of cryptocurrencies Zampa will teach alongside Chelco International VAT Academy instructor, Panayiotis Panayi, while in the afternoon of the same day he will be joined by the Academy’s lead instructor, Alexis Tsielepis, to deliver a separate seminar on the upcoming changes to VAT in the EU and Cyprus. Interested professionals can attend either or both seminars.

Tsielepis said that “this is the first time a VAT seminar of this calibre and on this particular subject is organised in Cyprus” and he labelled it as a must for professionals in the industry.

He added that “Matthew Zampa is an authority on the subject matter and it is a privilege to have him share his knowledge with us. Panayiotis and I look forward to teaching alongside him.”

Zampa is a Certified Public Accountant specialised in indirect taxation since 2008.

He is member of the Malta Institute of Accountants, a member of the Institute’s tax committee and a member of the indirect taxation committee of the Malta Institute of Taxation. He is a regular lecturer of VAT in Malta and all over Europe.

For more information on the seminar and to register, visit www.chelcoVAT.com.

Nicosia – The Institute of Chartered Accountants in England and Wales (ICAEW) is searching to find the brightest 100 Cypriot students with the aspiration to be the next generation of business leaders.

Students are asked to test their skills against their peers by taking part in an online exercise. Students who score in the top 100 by the time the competition ends on Monday, 20 April 2020 will be in for a chance of winning exclusive opportunities and prizes.

The overall lucky winner of the ICAEW 100 competition will receive an exclusive employability skills session with a member of the ICAEW student recruitment team and €1,000.

There will also be more prizes for entries that best display certain skillsets.

The competition is open to all students in Cyprus and Cypriot students studying in the UK.

ICAEW was formed in 1880 and currently has 153,000 members across 148 countries.

For further details and to apply, visit www.icaew100.com/cyprus

Limassol – In an effort to serve its clients, associates and vendors better and more efficiently, Costas Tsielepis & Co Ltd has changed its business hours.

Effective Wednesday, 2 October 2019, its new office business hours will be as follows:

Monday – Thursday: 8am-1pm and 2pm-5pm

Friday: 8am-2.30pm

During lunch time between 1pm and 2pm, the office will be closed to visitors.