DAC 6: Cyprus implementation & practical guide

A Board Member and his team, consisting by professionals in managerial positions, will update the participants on the main provisions of DAC6 and guide on their practical application.

The OECD Action Plan on Base Erosion and Profit Shifting (BEPS) indicates the start of a new era in the field of international tax. In particular, it requires taxpayers to disclose aggressive tax planning arrangements. Action 12 of the BEPS Action Plan targets this objective. DAC6, which is a direct offspring of Action 12 of BEPS, imposes an obligation to disclose potentially aggressive tax planning arrangements and sets the means for tax administrations to exchange this information.

This is an essential and a must-attend seminar for professionals/tax specialists involved in advising local and foreign groups with international interests on how to implement EU tax-related directives.

By the end of the webinar, participants will be able to:

• understand the current DAC6 status of implementation in Cyprus
• summarise the main terms and definitions and determine which arrangements are within the scope of the DAC6 law
• identify who has the reporting obligation and when an exemption from reporting is available in practice
• assess cross-border arrangements against the hallmarks.

This seminar is addressed to CEOs, CFOs, accountants, lawyers, tax consultants, as well as professionals who apply in practice the provisions of Tax Legislation.

Introduction (15 mins)

1. DAC6 – Cyprus transposition

• Local implementation
• Resources

2. Arrangements in scope - Main terms and definitions (15 mins)

• Participant
• Cross-border element
• Timeline
• “New” arrangements

3. Reporting obligations (20 mins)

• Who, When, How, What
• Exemption from reporting
• Penalties

4. Hallmarks and the Main Benefit Test – Overview and examples (1hr & 40 mins)

• Main Benefit Test
• Category A hallmarks (A1, A2, A3)
• Category B hallmarks (B1, B2, B3)
• Category C hallmarks (C1, C2, C3, C4)
• Category D hallmarks (D1, D2)
• Category E hallmarks (E1, E2, E3)

5. Questions (30 mins)

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

Once your registration is submitted, you will receive an email stating 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.

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

Cost

€140 + VAT
 

Discounts available

• For more than two (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 enrol 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 two (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 enrol 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 webinars for participants who enrol in seminar 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.
• This training belongs to a bundle along with the seminar titled “Tax updates 2021-2022”. There is a 10% discount on the registration fees of the seminar with the highest price (“DAC 6: Cyprus implementation & practical guide”) for individuals/legal entities who/which register the same participant(s) for both trainings of the bundle within the same day. Kindly note that this discount applies if the same participant(s), attend(s) both trainings. If a legal entity wants to buy the same bundle for additional participants then the specific bundle can be bought more than once, and each participant will be entitled to the discount of the specific bundle. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable. 
• HRDA subsidy for all HRDA approved seminars. 
   

Contact Details

For any queries, please contact Elli Athanasiou on +357 22 209 053 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 (3 CPD).

Costas Markides 
Board Member, International Tax, KPMG in Cyprus

Costas is a Southern Illinois University graduate, holding a Masters degree in Accountancy with a special concentration in International Taxation. He has been the recipient of two full academic scholarships and has graduated first in his class, at the College of Business Administration with a perfect score. Costas is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants (AICPA). He is also a member of the Cyprus Institute of Certified Public Accountants (ICPAC) and a member of the Institute’s Tax Policy and Planning committee. Costas is also serving as an advisor to the Ministry of Finance on issues relating to double tax treaty negotiations and policy.

Costas is a specialist on International Taxation with more than 19 years of experience in the field. He is a regular speaker at various conferences that are being organised in Cyprus and abroad. He is the author of numerous Tax related articles that have been published in Cyprus and the US.

Christiana Loizou
Senior Manager, International Tax, KPMG in Cyprus

Cristiana is a Senior Manager in the International Business department of KPMG in Cyprus and is responsible for International Tax and DAC6 services.

In addition, Christiana is a fellow member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC) with fifteen years post qualification experience. She also holds an MBA degree from the Cyprus International Institute of Management (CIIM).

Christiana is a tax expert with fifteen years of experience in international and local taxation, corporate compliance and business advisory services to multinational corporations and high-net worth individuals. Over the last five years she specialises in International Taxation and participates in several tax sub-committees of the Cyprus Institute of Certified Public Accountants (ICPAC) in relation to tax matters.
 

Michalis Fiakkou
Manager, International Tax, KPMG in Cyprus

Michalis is a Manager in the International Tax department of KPMG in Cyprus, possessing 6 years experience. He joined the firm in 2008 and he specialises in Transfer Pricing and DAC6. He is a member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus (ICPAC).

Michalis is actively involved in advising international and local clients on their transfer pricing obligations and assisting them in the preparation of the required transfer pricing documentation. Additionally, he is highly involved in assisting clients in understanding how DAC6 rules affect their day-to-day operations and fulfilling their DAC6 reporting obligations in Cyprus.