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Case Studies

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CASE STUDIES

 TAX REFUND: A CHALLENGING DISPUTE WITH THE TAX COMMISSIONER
 TAX REFUND: A CHALLENGING DISPUTE WITH THE TAX COMMISSIONER
A client had a tax refund of approximately 24 000 euros. CPV Audit team requested a tax refund from the Tax Department.
Unfortunately, the Tax Department denied it, claiming that certain profit and loss items were incorrectly taxed. Following the reject, our team made an appointment in the main Tax Department located in Nicosia to defend our client. On behalf of the client, CPV Audit presented all relevant information to the Head of Tax Department, demonstrating that the client's business activities are compliant with Cyprus Tax Law and that no illegal activity has been committed. The Head persisted in continued arguing. Our tax experts went through 3 further meetings in order to persuade the Tax Department. Finally, the tax commissioner agreed to accept our position with no tax adjustments for the client. The client had been refunded in full. 
TAX CONSULTANCY: IDENTIFYING THE GAP RESULTING IN TAX LIABILITY
TAX CONSULTANCY: IDENTIFYING THE GAP RESULTING IN TAX LIABILITY
After receiving absolutely incorrect tax advice from an external tax adviser, a customer decided to come for tax consultancy to CPV Audit.
During the preparation of client's financial statements we found the problem and informed the client about the issue of one transaction that generated significant tax liability. Fortunately, we found that this transaction was not finalized until the moment of preparing management accounts.  The client was taken aback by this fact and immediately transferred the company to our office to handle all tax and accounting concerns.  Therefore, the client didn't finalize the transaction what resulted in a 150.000 Euro tax savings. Relying to our recommendation for carrying out a specific transaction, the client rerooted the transaction in order to minimize tax liability in the end.
TAX ADVISORY: ENSURING LEGAL BUSINESS OPERATIONS
TAX ADVISORY: ENSURING LEGAL BUSINESS OPERATIONS
A client approached CPV Audit due to an overstated tax liability report submitted by his prior tax advisor.
The company was providing a software programs for royalties and license fees, allowing its clients to legally and efficiently use their products. Further examination of the client's documentation revealed that its products were subject to the intellectual property tax regime, which in the case of the client allows for an approximately 80% reduction of the taxable profits derived from the company's operations. Apparently, the prior tax advisor didn't reach this conclusion and, instead of implementing the above regulation, treated the business as taxable under the standard tax regulations, resulting in a client's high tax liability.
TAX PLANNING: DEVELOPING A PROPER TAX PLAN FOR THE YEAR AHEAD
TAX PLANNING: DEVELOPING A PROPER TAX PLAN FOR THE YEAR AHEAD
A client asked CPV Audit team for consultancy on the taxability of his company's profits.
The client was skeptical about the fact that his attorneys and tax advisors convinced him not to pay any taxes since his company were trading entitles, such as bonds, shares, etc. CPV Audit reviewed company documentation and its operations’ specification. The client achieved that the company provided shares, bonds, and a variety of other titles. Following the record, we requested to inspect the legal documents of these titles' purchases and sales. During the titles investigation, our tax experts found that many of the titles that the client accurately identified as titles were actually non-taxable trade titles for Cyprus Tax Authority.
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TESTIMONIALS

  • I have had the pleasure of working with CPV Audit for the last 12 years. It is without question that their name accurately defines the level of service they provide. Every encounter I have had with CPV Audit over the years resonates positivity, right from the simplest of email correspondence to the more complex client related issues be it discussed via email, over the phone or in person. This makes it a very easy and rewarding experience to work with or collaborate with CPV Audit, because you are guaranteed solutions in a timely manner and exemplary attention to detail.
    Kwadwo Aidoo
    Senior Accountant, Crystal Cyprus Corporate & Finance Services Ltd
  • We have been cooperating with CPV Audit since the first day of our establishment. For us, at Eurosuccess Consulting, CPV Audit is a valuable partner, who is always available to support and guide us concerning any accounting and audit issue, at any given point!
    Giorgos Giorgakis
    Managing Director, G.G. Eurosuccess Consulting Ltd
  • The most significant benefit of working with CPV Audit for over 5 years is their level of service and expertise. They know rules and regulations and keep us up to tax dates. CPV Audit is accommodating to the needs and budget of our company while also doing a great job. We appreciate the opportunity to receive critical financial information and the trusted expert opinion on our business cases. Without any doubt, I would recommend them for any financial service that they provide to clients.
    Tigran Aristakesyan
    Chief Accountant, ACINT Management Limited
  • Mr Antonis is always reliable person, always on his time. Very enjoyed working with him and on behalf of Youth Club of Russian Compatriots and the Representative of Roosotrudnichestvo in the Republic of Cyprus we express our appreciation to the professional, specialist and also friend. We are always looking forward to our next collaboration and potential next project on money laundering.
    Diana Borisova
    Co-chair, Youth Club of Russian Compatriots

PUBLICATIONS

IP Tax Regime
Intellectual Property. IP Tax Regime
CY as Fin.Center
Cyprus as Financial Center
NID
Notional Interest Deduction (NID)
Taxation Treaty
RU-CY Double Taxation Treaty
Audit Webinar
WEBINAR ON CORPORATION & INTERNAL TAX
Tax 2020
CPV Audit Tax Facts 2020
Tax 2021
CPV Audit Tax Facts 2021
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