Indirect Tax
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VAT Advisory
Globally, governments are increasingly imposing indirect taxes. Since several years, businesses have been witnessing the importance of indirect taxation as governments have embraced the shift from direct to indirect taxation. Within the European Union, many governments have significantly increased their VAT rates over the past few years to offset cuts in direct taxation and shortfalls in social security contributions in an attempt to balance overstretched budgets.
As a result, businesses that do not successfully manage their indirect tax position face the risk that their profitability decreases, that their cash flow requirements increase and that their compliance risks become critical.
For organisations looking to manage and mitigate their indirect taxes, PwC provides a range of innovative solutions developed by the largest indirect tax team in Cyprus. Our approach to indirect tax combines consultative relationship building, with the latest technology, to deliver only relevant and value-adding solutions.
Our mission extends well beyond the mere responding to questions raised by clients or to assessing their day to day problems. It encompasses the proactive addressing of new economic developments, with the aim of advising on issues that entrepreneurs may face in an increasingly global marketplace.
PwC has an extensive global network of indirect tax professionals who are actively connected. Experts meet regularly to share their technical issues, solutions and experiences. Our network has strong bonds with tax authorities and policy makers, including the European Commission.
- Potential Issues
- Products & Service Areas
Potential Issues
We can support your business and add value if your objective is to:
Maximise VAT recovery.
Increase margins.
Ensure your group maximises efficiencies with indirect taxes.
Improve cash-flow.
Ensure compliance with the European invoicing directive.
Minimise indirect tax liabilities.
Maximise cash flow advantage.
Maximise commercial marketing opportunities through efficient VAT planning.
Increase shareholder value.
Maintain management control over indirect tax spend.
Products & Service Areas
The products and service areas that we provide are the following:
VAT advisory services
VAT Planning
Due diligence reports
Refund requests
Training
Assistance in VAT investigations
VAT Diagnostic Reviews
The compliance function becomes critical. Wrong reporting can immediately trigger negative consequences in terms of cash flow, penalties or reputation.
Our Indirect Tax Services solutions are designed to not only support our clients navigate through the increasing compliance & digital requirements but evolve the solution to realize greater business value.
Our capabilities in automating transactional data with primary focus on implementing sustainable processes to accommodate complex operational and tax reporting needs combined with our expertise in Indirect Tax legislation enable our clients to focus on their business rather than operations and fully automate their compliance reporting cycle.
Automated VAT Compliance Solution ensures all steps in the VAT compliance process are completed and saves client time for other important work.
Why our Automated VAT Compliance Solution?
Fast and transparent
Quick deployment
Process documentation
We transform input data into:
VAT reports in various forms (i.e. .xml, .pdf, .xlsx, .xls)
EC Sales list ready for e-filing
E-filing confirmation
Payment instructions
VAT numbers validation to EU VIES database
We take care of Periodic VAT compliance and submission of VAT returns by:
Keep track and notify of deadlines
Collection and analysis of VAT data using suitable technology tools to make reconciliations
Identify outliers, flag inconsistencies, calculate complex pro rata recoveries and automate the VAT return preparation and submission process
Ensure deadlines are met and risk of non compliance is removed
Customs & International Trade
It is evident that customs is evolving from simply an operational matter to a strategic component of managing global operations when one considers how trade behaviour and international collaboration are developing around the world.
The necessity for all the parties of the supply chain, including suppliers, manufacturers, distributors, retailers and customers, to investigate potential options to enhance cash flow and optimise processes has intensified over the past few years as a result of global issues like the Covid-19 outbreak, geopolitical tensions, trade wars and Brexit.
Our dedicated customs team in Cyprus possesses consulting expertise in customs and international trade and is ready to assist clients in assuring customs compliance, preventing unforeseen costs and supply chain disruptions, as well as utilising the plausibilities provided by the customs legislation to increase the efficiency of the supply chain and gain a competitive advantage by reducing costs.
Through PwC's global network of customs experts and our relationships with customs authorities worldwide, we ensure that we provide the best service to our clients by assisting them with their operations in multiple jurisdictions.
Our team includes experienced customs specialists, industry specialists, accountants, lawyers, business analysts and technology experts, who will work with your organisation to provide useful insights and valuable advice on your trade strategies to ensure that you comply with the increasingly complex regulations of customs and international trade.
Our Services:
Assistance with the completion of customs declarations and other obligations to accelerate customs clearance
Performance of customs diagnostic reviews to identify compliance risks and cost savings opportunities
Assistance with customs classification and valuation in complex transactions
Advice on business restructuring and supply chain transformation
Assistance with the application of special customs regimes and reliefs
Advice on licensing requirements and restrictions relating to imports and exports
Advice on strategic use of preferential arrangements and free trade agreements
Assistance with preferential rules of origin and supporting documentation
Assistance in obtaining an Authorised Economic Operator (AEO) certification
Support on customs and excise registrations and simplification of administrative procedures
Assistance in obtaining advance rulings from the customs authorities to mitigate risks
Customs due diligence exercises in the context of mergers and acquisitions
Support in customs audits performed by the customs authorities
Implementation of technology solutions to simplify customs and supply chain processes
Assistance with refunds of import VAT, excise duties and overpaid customs duties
Ensuring timely compliance with changes in customs and excise duties legislation
Contact us
Chrysilios Pelekanos
Partner, Tax & Legal, Tax Advisory, Head of Indirect Tax, Head of India Market, PwC Cyprus
Tel: +357-22555280
