Basic Corporate Tax Principles - A Practical Understanding

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

• Describe basic tax principles
• Explain the main provisions of the basic tax principles
• Identify relevant tax resources to find applicable guidelines and circulars
• Calculate basic corporate income tax computations
• Apply the basic principles of income tax to identify the types of income subject to income tax and the relevant exemptions for compliance purposes and for the estimation of the relevant tax obligations
• Incorporate deadlines and penalties relating to corporate income tax and special defence contribution compliance into their everyday work routine
• Complete relevant tax forms such as TD603 and TD 623
• Encourage their colleagues and management to apply the relevant tax provisions
• Adopt a stance of continuous development and improvement of internal processes
• Estimate the risks that may arise from the erroneous application of the relevant Tax legislation.

This training is addressed to CFO’s, accountants, auditors, tax consultants and relevant professionals.

*The number of participants is restricted to 28.

1. Corporate Income Tax (3 hours)

• Key articles of the legislation:

            o Tax Residency Requirements

            o Charge of Tax (types of income subject to income tax)

            o Exemptions (exemptions that are stated in the law)

            o Allowed Deductions

            o Capital allowances (clarify when and on what assets the capital allowances can be claimed)

            o Deductions not allowed (define what deductions are tax disallowed)

            o Losses (describe the applicability of the losses carried forward, 5-year restriction rule, group relief provisions)

• Key tax circulars
• Deadlines and penalties relating to corporate income tax compliance

Practical examples of the tax computation of a company that will assist participants in understanding the principles described in this section as well as their application.

2. Special contribution for defence (2 hours)

• Key articles of the legislation:

            o Obligation to pay special contribution: Rents, Interest, Dividends

            o Deemed Dividend Distribution (description of this provision of the law, when it is applied and how it is applied, relevant tax forms that need to be completed)

            o Payment of the contribution (calculation of the special defense contribution for the year, presentation of the forms that need to be completed)

• Key tax circulars
• Deadlines and penalties relating to special defence contribution compliance

Practical examples that will assist participants in understanding the principles described in this section as well as their application. The seminar will include examples on the completion of dividend distribution form (TD 603 and TD 623).

3. Capital Gains Tax (30 minutes)

Key articles of the legislation:

• Chargeable disposals
• Exemptions

Practical examples that will assist participants in understanding the principles described in this section as well as their application.

4. General Healthcare System (GHS) (30 minutes) 

• Key articles of the legislation:

            o Company obligation to withhold GHS (When does the obligation arise and how to pay)

            o Relevant information issued by the Tax Authorities

Practical examples that will assist participants in understanding the principles described in this section as well as their application.

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.

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

€265 Net investment after subsidy from the HRDA of €120: €145 for all eligible participants*

€265 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

*Last Date for 10% Early Bird Discount: 02/04/2024

 

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 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 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 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. 

 

Contact

For any queries, please contact Vasiliki Sioziou 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 (6 CPD).

Marina Kasapi
Principal, Direct Tax Department, KPMG in Cyprus

Marina graduated with a BS (Hons) Economics degree from University of Tampa, USA. She is a fellow Member of the Association of Chartered Certified Accountants and a Member of the Institute of Certified Public Accountants in Cyprus.

She joined KPMG Cyprus in 2008 and since then she has been involved in a variety of both local and international tax projects. Her portfolio of clients includes the Finance Sector, Gaming, Intellectual Property Development, Building and Construction and Investment Management. She is primarily involved in international tax planning, advising international companies on their investment in Cyprus through the development of appropriate tax structures as well as tax due diligence projects. She is also a member of the Tax Quality Reviews team of KPMG in Cyprus, participating in annual or biennial reviews of numerous tax projects selected randomly to assess quality.

Furthermore, Marina has held a number of tax presentations and seminars as a tax trainer for the Global Network of KPMG and has participated as a guest speaker for Cyprus on KPMG’s International Tax Advanced courses. She also actively participates in Global Think Tanks, where representatives from different KPMG firms discuss and analyse key changes in the international tax environment and local laws as well as develop tax strategies for US and EU multinationals.

 

Charalambos Christodoulou
Senior Manager, Direct Tax Department, KPMG in Cyprus

Charalambos graduated with a Bachelor of Arts in Economics. He is a fellow Member of the Association of Chartered Certified Accountants and a Member of the Institute of Certified Public Accountants in Cyprus.

He is a Senior Manager at  KPMG Cyprus Tax Department. He has over 15 years of experience in tax related work and has been with KPMG Cyprus since 2017. He had previously worked in another Big Four firm. He has led tax advisory and tax compliance projects for a client portfolio consisting of local and multinational corporate groups, engaged in various industries. He advises local and international clients on the Cyprus tax implications of various transactions, mergers, acquisitions, and corporate restructuring operations. He has prepared numerous tax ruling requests on behalf of clients and has participated in tax due diligence projects, tax reorganisations, tax audits, tax reviews and other compliance related projects.

In addition, he is a tax trainer and guest speaker in charge of various tax presentations and meetings in Cyprus and abroad.