Friday, 9 June 2017

9:00am - 1:15pm


Four Seasons Hotel

150 participants

An invitation-only event!


To celebrate the official launch of its operations, Chelco VAT Ltd organised in the morning of Friday, 9 June 2017 the very first-of-its-kind, Limassol VAT Forum 2017.

The Forum was a complimentary, invitation-only event, capped at 150 participants, and was opened by the Minister of Finance, Harris Georgiades.

In the course of high-level panel discussions, the Forum examined current problems with the supply of goods within the EU and proposed solutions through the new VAT Action Plan, VAT problems and solutions for the holding company and how Cyprus can make use of the EU Court of Justice.

The panels were comprised of an array of prominent VAT professionals and academics from Cyprus and abroad. Those included Cyprus Tax Commissioner, Yiannis Tsangaris, Dr. Stefan Maunz, Partner with Küffner Maunz Langer Zugmaier in Germany, renowned lawyer and professor of VAT, Dr. Ben Terra from the Netherlands and Raymond Feen, Founder and Director of ALLVAT, also in the Netherlands. Also, Prof. Patrick Wille, Founder and President of the international partnership of indirect tax professionals, VAT Forum, Belgium and Kyriacos Scordis, Managing Partner of Scordis, Papapetrou and Co LLC.

Alexis Tsielepis, Managing Director of Chelco VAT Ltd, chaired the event.

For a full review of the Forum, please click here.


8:30AM - 9:00AM


9:00AM - 9:10AM


Alexis Tsielepis, Managing Director, Chelco VAT Ltd

9:10AM - 9:20AM


EFG Private Bank, Demetris Pisiaras, Managing Director, Private Banking & Costas Stylianou, Director, Business Development

9:20AM - 9:30AM


Yiannis Tsangaris, Commissioner of Taxation

9:30AM - 9:45AM


H.E. Harris Georgiades, Minister of Finance


VAT and the Court of Justice of the European Union (CJEU) – How it works and how the Cyprus courts can benefit

9:45AM - 10:10AM


Stefan Maunz, Partner, Küffner Maunz Langer Zugmaier, Germany

10:10AM - 10:45AM


Kyriacos Scordis, Managing Partner, Scordis, Papapetrou & Co LLC, Cyprus
Panel Members:
Stefan Maunz, Partner, Küffner Maunz Langer Zugmaier, Germany
Prof. Dr. Ben J. M. Terra, University of Lund, Sweden and Católica Global School of Law, Portugal

10:45AM - 11:15AM



Analysing the new Intra-Community supply of goods VAT Action Plan – The problems today and the future outlook

11:15AM - 11:45AM


Raymond Feen, Director, ALLVAT Representative B.V., The Netherlands & Patrick Wille, President, VAT Forum, Belgium

11:45AM - 12:15PM


Yiannis Tsangaris, Commissioner of Taxation, Cyprus
Panel Members:
Raymond Feen, Director, ALLVAT Representative B.V., The Netherlands
Patrick Wille, President, VAT Forum, Belgium


Holding Companies – A discussion of the historical VAT problems and an insight into potential solutions

12:15PM - 12:40PM


Prof. Dr. Ben J. M. Terra, University of Lund, Sweden and Católica Global School of Law, Portugal

12:40PM - 13:15PM


Alexis Tsielepis, Managing Director, Chelco VAT Ltd, Cyprus
Panel Members:
Prof. Dr. Ben J. M. Terra, University of Lund, Sweden and Católica Global School of Law, Portugal
Patrick Wille, President, VAT Forum, Belgium
Stefan Maunz, Partner, Küffner Maunz Langer Zugmaier, Germany




Harris Georgiades

Cyprus Minister of Finance

Harris Georgiades was born in 1972 in Nicosia. He is the Minister of Finance of the Republic of Cyprus since the 3rd April 2013. Previously he had briefly served as Minister of Labour and Social Insurance.


He had the leading role in the implementation and successful conclusion of the reform and consolidation program for the Cyprus economy.

He participates in the Eurogroup and the ECOFIN. He was elected Chairman of the Board of Governors of the European Bank for Reconstruction and Development for the period 2014-2015 and is a member of the Board of Governors of the International Monetary Fund, the European Investment Bank and the European Stability Mechanism.

He was selected by POLITICO as one of the 28 most-influential Europeans for 2016. He participates in the New Leaders for Europe community of the World Economic Forum.

Prior to his appointment as Minister he was a Member of the House of Representatives with the Democratic Rally Party (2011-2013). He also served as Press Spokesman and as member of the Executive of the Democratic Rally.

He studied International Relations and Economics (BA, MA, 1992-96) at the University of Reading, UK, and was a post-graduate researcher at the Institute of European and International Studies, University of Reading (1996-98).


Alexis Tsielepis

Managing Director, Chelco VAT Ltd


Alexis is widely considered as the foremost expert on VAT in Cyprus. With close to 15 years of experience in VAT strategic consulting, he advises businesses on international VAT matters and lectures at local and international VAT conferences.


In 2012 he founded Chelco VAT Ltd, the only dedicated VAT company in Cyprus, and in 2016 the firm’s educational arm, the Chelco VAT International Academy. Through Chelco VAT, Alexis offers to both businesses and professional associates, advice on how VAT is implemented, assistance with VAT investigations, objections and court proceedings, as well as adherence to substantive and formal obligations of the VAT legislation. Through this international network, Alexis can draw on support to advise on VAT implications of cross-border and international transactions and structures.

Alexis sits on various committees charged with tax matters, including the VAT Committee of ICPAC, on which he has held various positions, including Vice-President. His work includes liaising with the Cyprus tax administration and government on policy making. He has written a number of tax syllabuses, chapters and articles on matters pertaining to Cyprus and EU VAT.

Alexis holds a First Class Honours BSc Degree in Economics and Accounting from the University of Bristol, UK. He is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), and holds the Expert in European Value Added Tax Degree, which he earned with the highest grade ever awarded in the history of the coveted diploma.


Yiannis Tsangaris

Commissioner of Taxation, Cyprus Tax Department


Yiannis has been entrusted with the correct implementation of the direct and indirect Tax Laws of the Republic and the management of the Cyprus Tax Department since 2016.


Previously he had served as Assistant Commissioner of Taxation and Project Manager for the integration of the Departments of Inland Revenue and VAT. He joined the Tax Department in 1987 and throughout his career in the public sector, he had served as an Assistant Tax Officer, Productivity Officer, VAT Officer A’ and Senior Officer.

Yiannis holds a Bachelor of Science degree in Business Administration from the University of Minnesota in the USA and a Master of Business Administration in Finance from Old Dominion University in Virginia also in the USA. He also holds an Attendance Certificate In Comparative Tax Policy and Administration from the Kennedy School of Government, Harvard University.

He is a Fellow Chartered Certified Accountant (FCCA) and had also lectured at Frederick Institute of Technology on Accounting and Financial Management.


Dr. Stefan Maunz

Partner, Küffner Maunz Langer Zugmaier (KMLZ)


Stefan is a lawyer and a certified tax consultant with many years of experience in VAT and customs law. He is a partner at KMLZ, a German law firm specialising in these areas.


In addition, he has extensive experience working for international law firms in both Germany and the USA.

Stefan is a visiting lecturer at the University of Munich and a member of various national and international VAT research groups and VAT clubs, a member of the VAT Expert Group and a partner of the international partnership of indirect tax specialists, VAT Forum CV.


Kyriacos Scordis

Managing Partner, Scordis, Papapetrou & Co LLC


Kyriacos qualified as a barrister with Lincoln’s Inn in 1994 and as an advocate in Cyprus in 1995. Since qualification he has been practicing as a member of Scordis, Papapetrou & Co LLC and is currently the firm’s Managing Partner.


Kyriacos has extensive experience and expertise both in international litigation and arbitration as well as on corporate and commercial matters. He is also one of the Firm’s experts on Tax Law & Tax Planning.

His resume includes handling claims or appearing before arbitral Tribunals or Courts in Cyprus, Sweden, Russia, Switzerland, the UK and the US, including multi-billion dollar cases: RICO claim, shareholder disputes and corporate/commercial claims. He has also advised on and acted in a variety of corporate matters including cross-border sales & acquisitions of Cyprus and non-Cyprus assets, shareholders agreements, structuring international acquisitions, trusts, escrow arrangements and tax planning.


Prof. Dr. Ben J. M. Terra

University of Lund, Sweden and Católica Global School of Law, Portugal


Ben studied international law at the University of Amsterdam and indirect taxation at the University of Leiden.
Previous positions held include Head of Post-Graduate Training in VAT, Customs and Excises at the Ministry of Finance in The Hague, Professor of Law at the University of Leiden and Head of the Global Indirect Tax Practice of Ernst & Young.


He has published numerous articles and books on indirect taxation and is also a consultant of the OECD, the European Commission and IMF. At present Ben is an indirect tax and European tax law lecturer at the Católica Global School of Law in Portugal and at the Lund University in Sweden.


Raymond Feen

Director, ALLVAT Representative B.V.


Raymond is a highly experienced international VAT consultant. He graduated from the University of Leiden with a specialization in indirect taxes. He has worked since 1996 in international VAT for a Big Four company and for many years as in-house VAT manager for multinationals.


In 2010 he started his own consulting company, ALLVAT, in the Netherlands.

He is a frequent speaker at international seminars, organises trainings for the Federation of Dutch exporters, the Chamber of Commerce, the International VAT Expert Academy (IVEA) and is partner of the VAT Forum. For the International VAT Association (IVA) he supports the board as member of the technical committee. His focus is on the international supply chain and trade by companies in the European region and recently also started to explore the VAT developments in the GCC area.


Prof. Patrick Wille

President, VAT Forum CV


Patrick is Chief VAT Officer at Avalara. He is the founder of The VAT House NV, the VAT Forum CV and VAT Applications NV. He is a professor at the University of Brussels. He is a frequent speaker at Belgian and European VAT seminars, author of various articles in taxation magazines and newspapers, and co-author of various books.


He is a member of the editorial board of International VAT Monitor (IBFD).


Demetris Pisiaras

Managing Director, Private Banking, EFG Private Bank


Demetris is the Managing Director of EFG Private Bank in London as well as the Regional Head of Cyprus. Demetris has been with EFG Private Bank for 16 years and focuses on after ultra high net worth individuals and family offices.


He is a member of the Management Committee and divides his time between London, Switzerland and South Eastern Europe and Cyprus.


Costas Stylianou

Director, Business Development, EFG Bank (Luxembourg) S.A., Cyprus Branch


Costas joined EFG Group as a Director (Cyprus Branch Manager) three years ago, in order to set up and implement the opening of the Cyprus Branch.During his 27 years banking career he has served in different senior positions in Cyprus and abroad.


Costas focuses in developing the activities of the group, in relation to high net worth and ultra high net worth individuals, originating from Central and Eastern Europe.



Chelco VAT Ltd

Chelco VAT was formed in 2012 by highly accomplished indirect tax professionals with a combined 35 years of experience in the field.

Based in the business capital of Cyprus, Limassol, Chelco VAT is now considered one of the foremost authorities on indirect tax matters in Cyprus. It has founded its success on the provision of specialised, highly customised and practical VAT solutions that are based on years of experience, knowledge and expertise in the field.

The firm maintains strong and durable relationships with the island’s key public and private organisations, including the Cyprus Tax Department, as well as professional bodies and decision makers and frequently offers advice on VAT and other industry policy-making decisions.

Chelco VAT also works closely with an alliance of like-minded indirect tax specialists in jurisdictions around the world, allowing it to offer a wide range of VAT solutions to a local and international clientele.

From the simplest local transaction to the more complex cross-border one, the tax consultants of Chelco VAT work alongside their clients and professional intermediaries to maximise VAT planning efficiency and ensure compliance.

One of Chelco VAT’s core competencies is the organisation of training seminars, workshops and in-house technical courses for businesses and professionals alike. The Chelco VAT International Academy represents the firm’s educational arm and offers VAT-dedicated knowledge to a wide range of professionals dealing with indirect tax, businesses in need of better educating their staff, industry professionals interested in strengthening their vocational skills, as well as VAT officers and other governmental department employees.

Training programs vary in content and complexity and can deal with subject areas as general as the basic principles of VAT legislation or as specific as a particular area of indirect tax, VAT related matters for a particular industry, or even the treatment of a particular VAT transaction. Each seminar utilises unique technology to provide a detailed explanation of each VAT topic with reference, where appropriate, to the EU legislation and relevant judgments of the Court of Justice of the EU.



Entrepreneurial thinking. Private banking.

EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. In 2016, EFG International completed the acquisition of BSI, a Lugano-based bank with a long-standing tradition of Swiss private banking and a broad international network.

As a leading Swiss private bank, EFG International has a presence in major financial centres and growth markets. It has strong roots in Switzerland, with Zurich, Geneva and Lugano serving as key hubs for the governance and operation of the bank. EFG International operates in around 40 locations worldwide, with a network spanning Europe, Asia Pacific, the Americas and the Middle East.

EFG International has a solid and liquid balance sheet and is committed to pursuing a conservative risk management approach. With the integration of BSI’s businesses, EFG has taken a significant step forward towards creating one of the largest and best-capitalised Swiss private banks with a global presence. The combined business provides scale and stability. In the first quarter of 2017, EFG International continued to further improve its strong capital position compared to year-end 2016. The Swiss GAAP Common Equity Ratio (CET1) stood at 19.0% and the Total Capital Ratio at 24.3% at the end of the first quarter of 2017.

EFG International is a financial partner that offers security and solidity. An entrepreneurial spirit has shaped the bank since it was established in 1995, enabling it to develop hands-on solutions and to build long-lasting client relationships.

A key driver of our success is the fact that our Client Relationship Officers have always viewed themselves as entrepreneurs who are here to serve our clients. They are passionate about cultivating long-term relationships that are founded on trust and they offer hands-on solutions. This approach is one of the hallmarks of EFG and our understanding of private banking – making us a reliable partner to our clients.

In Cyprus, EFG Private Bank has offices in Nicosia and Limassol. EFG Private Bank Ltd is a subsidiary of EFG International.


Scordis, Papapetrou & Co LLC, is a Lawyers’ Limited Liability Company regulated by the Cyprus Law Council and the Cyprus Bar Association, providing services to clients both in Cyprus and worldwide. It was established in 1973 as a result of the merger of the practices of its founding members, Andis Scordis and Michalis Papapetrou.

In 2011 the firm merged with Limassol law firm, Adamos K. Adamides & Co. The partners and lawyers of Adamos K. Adamides & Co have become members of Scordis, Papapetrou & Co LLC, which continues operating out of its existing offices in Nicosia and now in Limassol, as well as having a presence in Athens and Moscow.

Scordis, Papapetrou & Co LLC now comprises 27 lawyers (of which 21 are advocates), 10 qualified professionals of related disciplines and around 50 paralegal, administrative and other personnel.


S. Kaniklides (Cyprus) Ltd was founded in 1959 as a book and stationery shop in old Nicosia city centre. Today, the company operates in 4 distinct business segments: Wholesale of Stationery products and printing Paper, exclusive distribution in Cyprus of the lifestyle Eastpak brand and Secure Document Management Services.

Since 2009 the company established itself as one of the leading players in the market of Secure Document Management Services, handling sensitive data of major companies and organizations under strict confidentiality. The portfolio of services provided includes storage, scanning and shredding of documents as well as Secure Document Management System Application.

More than €5m were invested in a state-of-the-art Document Management Centre, in order to ensure maximum security and confidentiality of the data that are processed and stored. The facilities fully comply with the demanding regulation (EU) 305/2011 of the European Parliament that is currently in force, with the applicable requirements of the Cypriot Construction Products Regulations of 2013 – 130(Ι)/2013, as well as with the instructions on Fire Safety of the Fire Service of Cyprus.

Kaniklides is certified with no less than seven ISO certifications and the IQNet Certificate.



Chelco VAT Ltd
221, Chr. Chatzipavlou Str., Helios Court
1st Floor, 3036 Limassol, Cyprus
T: +357 25871200 | F: +357 25871220