Introduction

Cyprus Investment Firms (‘CIFs’) are required to submit several financial reports to various authorities in Cyprus such as CySEC, Central Bank of Cyprus, Tax and VAT Authorities. It is therefore essential for Chief Financial Officers and members of the Finance Team who are involved in the Investment Industry to be familiar with the relevant reporting obligations and requirements.

The seminar will emphasize on the reporting obligations, requirements and completion of several financial reporting such as the Quarterly Statistic Form (Form QST-CIF) to CySEC, the survey report to Central Bank of Cyprus, the FATCA/CRS report to Cyprus Tax Authorities and have an overview of the VAT calculations and return.

In addition, a payroll seminar section will be provided, with main objective to present an overview of the income tax (amending law of new income tax incentives), social insurance and the new General Healthcare system in Cyprus and the obligations for Employers and Employees as a result of these legislations. The seminar and training sessions will enable the participants to obtain an in-depth knowledge of the payroll function.

Key Points Covered

· Reconciliation of Clients Funds;
· Financial Sections of Quarterly Statistic Form (Form QST-CIF);
· Survey Reporting to Central Bank of Cyprus (CBC);
· An overview of the VAT return and VAT annual adjustment for a CIF;
· FATCA/CRS Reporting;
· New income tax exemptions for employment income Article 8(21A) and Article 8(23A)
· GHS Contributions – Categories of Income subject to GHS contributions
· Exemptions from the obligation to pay contributions to GHS
· Collection of Contributions – Type of Income
· Treatment of Benefit in kind
· Social Insurance Contributions – New rates

Training objectives

By the end of the seminar, participants will be aware of:

· An insight on the particular reporting obligations to the various authorities
· Better understanding of the requirements and on-going deadlines pertaining to these financial reports and forms
· Get familiarized with the completion of the relevant reports and be aware of the disclosure requirements
· An in-depth knowledge of the amending Income Tax Law voted on the 26th of July 2022 with respect to the income tax exemptions for employment income, provided in Articles 8(21A) and Article 8(23A)
· Gain an understanding of the calculation of PAYE, General Healthcare system, benefit in kinds and obtain an awareness of the deadlines for payment of taxes and submission of tax returns (TD59, TD63, TD7 and,TD1)
· Experiences encountered by other members of their cohort for further learning

The program is ideal for:

· Chief Financial Officers
· Head of Finance Team
· Other members of the Finance Team
· Compliance officers
· Company Executives from various departments who have been assigned with such financial reporting tasks