KPMG in Cyprus’ insight on the Transfer Pricing Legislation in Cyprus
Transfer Pricing Legislation in Cyprus
KPMG in Cyprus organised and presented with great success the seminar titled “Introduction to the Transfer Pricing Legislation in Cyprus”. The half-day seminar took place at the Saint Raphael Resort in Limassol on the 15th of October 2019 and at the offices of KPMG in Nicosia on the 16th of October 2019
Following the brief welcoming address of George Markides, Board Member and Head of Tax at KPMG in Cyprus, Costas Markides, Board Member, International Tax at KPMG in Cyprus, elaborated on the key features and the expected application of the new Transfer Pricing (TP) legislation in Cyprus. The circular on back-to-back financing transactions, including the application of the minimum margins on back financing, was also presented.
This industry-specific seminar hosted KPMG senior executives and TP experts from Greece and Russia, who shared their local experiences and perspectives with the seminar’s participants. More specifically, Vera Evdokimova, Transfer Pricing Director at KPMG in Russia and Ilya Ostrenin, Transfer Pricing Senior Manager at KPMG in Russia talked about how the Russian business environment adjusted to the TP rules, as well as how the TP developments are expected to unfold in their country. Ilya Ostrenin has also stressed the TP methodology for other types of transactions based on the OECD approach.
Effie Adamidou, Transfer Pricing Partner at KPMG in Greece analysed the Greek experience in the implementation of TP legislation, providing valuable advice for organisations aiming to a successful TP implementation. By the end of the seminar, there was a presentation during which Costas Markides, Anna Voronkova, Partner and Head of International Tax at KPMG in Russia and Alexander Tokarev, International Tax Director at KPMG in Russia elaborated on Russian tax trends with respect to the use of foreign companies in Russia, placing particular emphasis on the concept of the true beneficial ownership, the MLI status update for Russia and Cyprus, the Russian corporate tax residency risk and the Russian tax code updates.
“As the volume of tax information available to the tax authorities is overwhelming in today’s volatile business environment, taxpayers are faced with an unprecedented challenge to comply with tax laws and regulations or face harsh penalties”, said Costas Markides, Board Member, International Tax at KPMG in Cyprus. “The seminar’s purpose was to help modern organisations increase their awareness regarding how the new Transfer Pricing developments will shape the future of an increasingly globalised local tax environment in which they operate in.”
The seminar’s participants included active executives of companies operating in various industries. There was a cocktail reception at the end, in which the participants had the opportunity to raise questions and exchange views on the presentations delivered.
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