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      Seminar's Overview

      Today, many businesses suffer from the incorrect application of tax procedures related to VAT, leading to errors in tax returns and potential penalties in the event of audits by the Tax Department. To ensure your business is not exposed, register for our seminar, where we will explore the fundamental principles of Cypriot VAT legislation. 

      • Learn the basic concepts of VAT and the procedures you should follow.
      • Discover how to properly analyze the transactions you carry out daily in your work environment, reducing the likelihood of errors.
      • Resolve any questions and concerns you may have, so as to avoid possible penalties.

      Register now to upgrade your knowledge and secure your success in the world of VAT.

      Seminar’s Goals

      After completing the program, participants will be able to:

      • Interpret the basic concepts of Cypriot VAT legislation. 
      • Describe the methodology that should be followed to determine the correct tax treatment. 
      • Explain in which cases VAT should be imposed and the application of the corresponding rate. 
      • Use the knowledge they acquire to apply VAT legislation. 
      • Monitor VAT-related procedures in their workplace. 
      • Resolve issues that arise in relation to these procedures. 
      • Apply VAT legislation correctly. 
      • Adopt proper VAT procedures and adhere to timelines.

      Participants*

      The seminar is addressed to Russian-speaking financial directors, chief accountants, accountants, and scientific staff who are involved in financial matters and/or apply in practice the provisions of Cyprus VAT legislation and/or are responsible for the company’s tax treatment.

      All participants must be currently employed.

      *The number of participants is restricted to 28.

      Agenda

      1. Introduction – Basic VAT Principles (1 hour)

      • Introduction to the basic principles of VAT
      • What is VAT
      • Historical overview
      • VAT as a consumption tax

      Taxable Transactions

      • Which transactions are subject to VAT?
      • What constitutes a supply of goods?
      • What constitutes a supply of services?
      • What constitutes an importation of goods?
      • What constitutes an intra‑Community acquisition of goods?

      2. Taxable Transactions (cont’d) (1 hour)

      • Which transactions are subject to VAT?
      • What constitutes a supply of goods?
      • What constitutes a supply of services?
      • What constitutes an importation of goods?
      • What constitutes an intra‑Community acquisition of goods?

      Taxable Persons

      • Who is considered a taxable person for VAT purposes?
      • Who is considered a non‑taxable person for VAT purposes?
      • What constitutes economic and non‑economic activities for VAT purposes?

      3. Place of Supply of Transactions (30 min)

      • Place of supply of taxable transactions
      • Place of supply of goods
      • Place of supply of services

      4. Chargeable Event and Chargeability of VAT (Cont’d) (1 hour)

      • Chargeable event versus chargeability of VAT
      • General rule
      • Special rules
      • Examples
      • Taxable Amount and VAT Rates
      • Explanation of the taxable amount on which VAT is charged
      • Explanation of points requiring particular attention

      5. Exemptions and Zero Rate (1 hour)

      • Which transactions fall under the zero rate?
      • Which transactions are exempt for VAT purposes?

      Deductions

      • Origin and scope of the right to deduct
      • Exempt transactions with and without the right to deduction
      • Right of a taxable person to deduct input VAT
      • Partial exemption (pro‑rata deduction of input VAT) 
      • 1st Level of Apportionment
      • 2nd Level of Apportionment

      6. Obligations of Taxable Persons (1 hour)

      • Obligations for the payment of VAT
      • Obligation to register for VAT purposes
      • Tax obligations
      • VAT returns
      • VIES recapitulative statements (VAT Information Exchange System)

      7. VAT Invoices (1 hour & 30 min)

      • Obligation to issue invoices
      • Invoice content requirements
      • Timeline for invoice issuance 

      VAT Return

      • Analysis of the boxes of the VAT return 
      • What should be reported in each box
      • How boxes are interrelated with each other

      Services

      Our services include:

      • Handouts, including the hard copy presentation, examples, case studies, exercises, and additional notes if applicable.
      • Stationery, such as pads, pens, and files.
      • Drinks (coffee, tea, etc.) and a buffet lunch.
      • A fully equipped training room with WiFi access.
      • Certificate of completion.

      Registration & Contact

      If you wish to register for the seminar, please complete the registration form.

      Once your registration is submitted, you will receive an email stating how to proceed with your HRDA registration through the Ermis platform. Upon completion of this step, you will receive a confirmation email which will include the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.

      The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enroll in this seminar as soon as possible.

      If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

       

      Cost

      €140 net investment after the HRDA subsidy (€140) for all eligible participants

      €280+ VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

      Last Date for 10% Early Bird Discount: 4/6/2026

      Extra discounts may apply to the initial price, before the VAT and HRDA subsidy. Please view options below.

       

      Note

      We do not provide a soft copy of the presentation for face-to-face seminars. However, if you would like to request one, please contact us. We may be able to provide it, subject to approval. In this case, the cost of the soft copy will be €50 for participants who have already attended the relevant training, or €100 for those who have not. 
       

      HRDA Note

      All individuals who wish to attend our HRDA approved training courses, should not only fill out our registration form, but also complete the registration process through the ERMIS platform in order to be approved by the HRDA. Regardless of whether they are claiming the HRDA subsidy or not, each participant will need to complete their registration through ERMIS as a physical person and then register to our training in order to be able to attend (either as an employee whose company is claiming the subsidy or as an individual who is not claiming the subsidy). Please reach out to the HRDA Ermis officers on 22 390 300 for more details regarding the registration as a physical person.

      Eligibility of self‑employed individuals: The Schemes are open to any natural person who is registered as self‑employed with the Social Insurance Registry and carries out their activities in areas controlled by the Republic of Cyprus.

      Discounts available

      • For three or more (3+) participants from the same company, a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enroll in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
      • For individuals/legal entities who/which register in more than three (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enroll in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
      • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
      • There is a 10% early bird discount on selected seminars for participants who enroll in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable
      • HRDA subsidy for all HRDA approved seminars. 
      • Please note that while participants may qualify for multiple discounts, a maximum of two discounts, up to a total of 20%, can be applied per registration.
         

      Contact

      For any queries, please contact KPMG Academy on +357 22 207 460 or at academy@kpmg.com.cy


      CPD

      This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (7 CPD).

      Trainers

      Elena Strelkova
      Manager, Indirect Tax Department, KPMG Cyprus

      Elena boasts over five years of extensive tax and legal expertise, cultivated both domestically and internationally. Her proficiency spans Cyprus and EU VAT legislation, honed through diverse advisory projects with local businesses and global corporations across the banking, insurance, and financial sectors.

      She offers continuous VAT advisory services covering a wide spectrum of topics, from CESOP implementation and e‑commerce matters to intricate VAT due diligence and tax restructuring projects. Elena’s experience also includes supporting clients in developing tax tools to streamline reporting processes, exemplified by her pivotal role in designing methodologies for IT‑driven solutions.

      Elena actively engages in analysing emerging indirect tax legislation, CJEU case law, and regulatory developments—particularly within the financial sector—crafting informative materials to keep stakeholders informed.

      Her professional background is supported by a strong academic foundation. She holds a Master of Laws (LL.M.) in International Business, Trade, and Tax Law from Case Western Reserve University (USA), a Master’s degree in International Financial Law from the Moscow State Institute of International Relations and a Bachelor’s degree in Jurisprudence from National Research University "Higher School of Economics" (Russia).