The business and tax structures are changing dramatically, the globalization and its consequences requires a constantly updating on the amendment of the law new strategies and regulations. An experienced accountant can help you maximize your tax benefits.
Taxation is a essential aspect of current economy and a crucial part of a business’ strategy, especially for those with international transactions. Structuring cross-border transactions in a tax efficient way demands specialization that goes beyond a business’ internal resources. Corporate tax does not only represent a substantial outflow of funds from a business but also, adds to the drain on management time caused by increased reporting obligations, reconciliations of effective tax rate, a more investigative approach by the tax authorities and harsher penalties for non-compliance; hence, the tax burden can be significantly larger than one might hope.
Through understanding of clients’ businesses and industries, tax planning and compliance services can help you to improve compliance, cash-flow and adopt beneficial tax treatment in various areas of specialization.
General taxation services include:
- Improving a company's overall tax charge, utilizing the provisions in tax legislation
- Providing advice to those who are establishing a new business
- Advising on tax-efficient financing structures
- Tax reporting for companies and other entities subject to tax
- Tax obligations for Permanent establishments in Cyprus and abroad
- Corporate tax compliance
- Developing or reviewing corporate tax policies
- Assistance during tax inspections
- Assisting with the tax implications arising out of a proposed liquidation of a company
- Advice on best possible tax efficient structure to minimize tax burdens
- Registration of company with local tax authorities
- Preparation and submission of the company’s annual tax returns
- Liaising with the tax authorities regarding the company’s tax affairs
- Advance tax rulings
- Obtaining tax residence certificate for the company
- Preliminary review and study of tax exposure and associated risks
The accounting firm shall also be in communication with relevant authorities and provide their clients with practical, progressive advice based on a deep understanding of their individual tax issues.
In the current economic environment authorities around the world are re-examining their tax collection mechanisms placing an emphasis on indirect taxes since the existence of more complicated organizational structures, makes optimization tasks more and more difficult to manage.
Global businesses need to be observant of all developments in the VAT area and of the resulting direct or indirect implications of each stage of the tax life cycle covering planning, tax accounting and disputes with the Authorities. Expert advice is therefor crucial in order to avoid any pointless penalties and charges before proceeding with any certain transaction.