VAT ADVISORY SERVICES
Planning Is Everything: Three words that encapsulate the essence of what we strive to achieve.
Given the complexities of VAT and the ever-changing dynamic environment that regulates this tax, VAT Planning is seldom a simple task. Errors in paying the correct output VAT can be very costly in terms of penalties and interest. At the same time, ensuring the maximum reclaim of input VAT is essential for any business to remain competitive.
We understand this.
At Chelco VAT we work closely with our clients and network of professionals to devise solutions and develop strategies that will maximise benefits. We also work hard to research Cyprus common law as well as European Court of Justice case law and advise industry clients or professional consultants on defending their businesses against aggressive VAT practices from the VAT Authorities. The need to undertake VAT planning is of paramount importance.
We are here to help.
We aim to be more than just your trusted professional advisors. We aim to be an integral part of your business.
We stand ready to assist in all areas of VAT.
- Review of documents and facts to ascertain VAT treatment
- VAT due diligence with regards to a proposed transaction or an entity’s activities
- Setting up of general ledger codes for accounting systems to ensure compliance with VAT legislation
- Development of VAT Planning Strategies
- Internal VAT Audits
- VAT Opinions on proposed business ventures or specific transactions
- VAT Opinions on assessments raised by the Cyprus VAT Authorities, or other Member States
- Representation of clients before the Cyprus VAT Authorities in all VAT matters, including disputes
- Obtaining VAT rulings
- Expert support on VAT recourse through the Cyprus Courts and the European Court of Justice
- Coordination of VAT Audits at a National and European level
- Advice on changes in VAT Legislation and other VAT-related matters
VAT compliance is often overlooked by businesses.
We consider the subject of compliance to be of the utmost importance, not solely because of the significant penalties but also because of the high importance of compliance in the general context of a business.
At Chelco VAT, our specialised staff have been trained to look at the detail behind transactions and highlight any areas that warrant further analysis or discussion. The purpose is to constantly monitor whether there is further scope for VAT planning, whilst ensuring that the business is VAT compliant.
The compliance process also aims at checking on the correct and efficient application of VAT legislation.
We stand ready to assist in all areas of VAT compliance.
- Registration/Deregistration with VAT Authorities in Cyprus and other EU Member States
- Group Registration with VAT Authorities in Cyprus and other EU Member States
- Preparation and filing of VAT Returns in Cyprus and other EU Member States
- Registration, preparation and submission of VIES Declarations
- Monitoring of transactions to ascertain scope for further VAT Planning
- Filing of VAT refunds in Cyprus and other EU Member States
- VAT representation services in Cyprus
SEMINARS & WORKSHOPS
The educational arm of Chelco VAT Ltd, the Chelco VAT International Academy, has been delivering high-end educational events since 2016.
The academy is the result of years of training, followed by months of planning and preparation to offer VAT-dedicated knowledge to VAT advisors, VAT Officers working in tax administration, professionals in the industry that deal with VAT matters as well as to anyone who wishes to broaden and further sharpen their understanding of VAT.
Topics that are addressed by the Chelco VAT International Academy cover the VAT aspects of specific areas of legislation and specific types of transactions or specific industries, offering attendees an unprecedented level of comprehension and specialisation on the subject matters.
Each seminar or workshop provides a detailed explanation of each VAT topic with reference, where appropriate, to the EU legislation and relevant ECJ judgments. Numerous examples are used to ensure the fullest comprehension of the subject matter. The seminar handouts, which include the presentations, court decisions and much more, can be used as an invaluable future reference tool for each topic presented.
In 2021 the Academy launched a first-of-its-kind in Cyprus expert diploma in VAT called the Diploma in VAT Excellence (DiVE), a high-level course spanning a period of 10-months, with emphasis on the Cyprus VAT legislation.