Association of International Banks, Deloitte Cyprus discuss VAT

During the last AGM of the Cyprus International Banks Association, its President, Marios Paraskevas, the Head of Operational Assurance at Barclays Bank PLC, Cyprus, announced some initiatives for the benefit of the association’s members. In particular, a training committee headed by Thierry Gigant, the Managing Director of BNP Paribas Cyprus, was set up. The first event organized by this committee, in cooperation with Deloitte, was a presentation of the basic principals of VAT by Christos Papamarkides and Christakis Economou of Deloitte. The presentation was made for the benefit of the members of the Association, at the Apollonia Hotel in Limassol, on June 27. It covered various aspects of VAT with emphasis on banking and financial services. It also covered the VAT implications for international banks in Cyprus and some of the advantages of voluntary registration to VAT. Deloitte gave detailed and practical examples to the 40 participants, from 17 international banks.