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Deloitte's tax practice is recognised by the market as a growing force in Cyprus. Revenue increased by 5% last year after a smaller rise the year before in difficult conditions. Head of tax Pieris Markou leads a team of about 45 professionals across ... [more]

Deloitte's tax practice is recognised by the market as a growing force in Cyprus. Revenue increased by 5% last year after a smaller rise the year before in difficult conditions. Head of tax Pieris Markou leads a team of about 45 professionals across the firm's three offices in Nicosia, Limassol and Larnaca. He is the subject of a lot of praise and is described by one partner as a "genius on tax".

The practice serves its clients with a range of tax services including corporate tax, R&D, cross-border structuring, M&A, transfer pricing and VAT. It is singled out by its competitors as being strong in the areas of cross-border structuring and indirect tax work. Chrysilios Papamarkides, who is frequently mentioned by his peers as being a prominent professional in the Cypriot market, heads the indirect tax team.

This year partner Paul Mallis advised a large mobile satellite company on the reorganisation of the group after their acquisition of a well-known company in the telecommunications industry. Other work this year included advising a large financial services group on their expansion into the Middle East and India, and a large brewer in eastern Europe on the tax migration of their holding structure from Jersey to Cyprus.

Other clients they have worked for this year include a large private Russian bank, a global leader in the healthcare industry, a technology company and a company in the shipping industry.

Neophytus Neophytou heads a team of around 35 fee-earners at Ernst & Young. Philippos Raptopoulos, a former member of the Inland Revenue, has been appointed partner at the firm. Otherwise the group remains unchanged from previous years.The group is structured ... [more]

Neophytus Neophytou heads a team of around 35 fee-earners at Ernst & Young. Philippos Raptopoulos, a former member of the Inland Revenue, has been appointed partner at the firm. Otherwise the group remains unchanged from previous years.

The group is structured along four main service lines. Neophytou is in charge of the indirect tax team, which includes advisory on the VAT implications of transactions and support for VAT compliance outsourcing. Raotopoulos runs the tax compliance group, which includes both filing documentation for the authorities and dispute resolution.

Maarten Koper heads both the international tax and transactional tax groups. He is regularly singled out by other partners as one of the leading corporate tax advisers in Cyprus. "I've learned to know Maarten as someone who is a very thorough adviser. When he advises on transactions he always thinks about any repercussions the deal might have on the future of the company's business.

Corporate tax work makes up the bulk of Ernst & Young's fee income. Nearly all of the work they do has a cross-border element and the group is experienced in providing tax structuring where Cyprus is used as a platform, particularly in Russia and the Commonwealth of Independent States.

This year the group has been representing a private investment fund that is using Cyprus as a platform to invest in India. Other work includes tax advice for one of the largest container terminal projects, which involved a lot of customs and indirect tax issues.

The group counts many multinationals and investment funds among its client base and is particularly well-known for its experience in the financial services and oil and gas sectors. The group has also seen an increase in work over the last few years from Norwegian companies relocating to Cyprus.

Angelos Gregoriades leads a team of about 40 professionals at KPMG. He is one of five partners. Costas Markides was appointed partner this year and is singled out by his peers for his tax planning expertise. Fellow partner George Markides is also mentioned ... [more]

Angelos Gregoriades leads a team of about 40 professionals at KPMG. He is one of five partners. Costas Markides was appointed partner this year and is singled out by his peers for his tax planning expertise. Fellow partner George Markides is also mentioned for corporate tax work.

The practice provides a broad range of tax services including tax planning, transfer pricing, VAT, M&A, compliance and due diligence, though there are no clear sub-service lines within the practice. Legal and international tax is the largest area. The practice has advised this year on a number of group restructurings, particularly relocations from offshore jurisdictions to Cyprus. The VAT team is also particularly strong and is seen as one of the best on the island.

The practice provides tax services across a broad range of industries though are especially strong in certain fields such as shipping and financial services. The practice has seen a lot of work from Russia and the CIS, and also North America.

PwC is the largest of the big-four firms in Cyprus. The tax team is led by Costas Mavrocordatos and comprises 14 partners and directors and around 150 other fee earners. Panicos Tsiailis is mentioned by competitors as one of the best litigators in Cyprus. ... [more]

PwC is the largest of the big-four firms in Cyprus. The tax team is led by Costas Mavrocordatos and comprises 14 partners and directors and around 150 other fee earners. Panicos Tsiailis is mentioned by competitors as one of the best litigators in Cyprus. Chrysilios Pelekanos is also singled out as a leader in the field of indirect tax. Vladimir Vinogradov is mentioned as a rising star.

The number of professionals means that the tax practice is able to offer a full range of tax services including tax planning, cross-border structuring, M&A, VAT and tax compliance. The firm is especially strong in the area of VAT, where the practice is seen by the market as possibly the best in Cyprus. True to the firm's global network the practice is structured along a matrix system and is experienced across most of the major global industries. It is particularly strong in the fields of financial services and energy.

Though the effects of the global economy are still being felt the team worked on a number of important transactions this year. The group assisted a major client in the insurance sector in an $9 billion M&A deal. It has seen a particular increase in structuring work this year for clients that are looking to expand into emerging markets. The group advised one of the largest private equity firms on how to structure their operations in new markets through the use of convertible debentures. The group also advised a large oil trading group on the restructuring of their group, making use of a Cypriot holding company.

The group is also active in the field of policy and advised the Cyprus Ministry of Finance in its renegotiation of new double tax treaties in an effort to further enhance Cyprus' treaty network.

Andreas Neocleous is one of the best law firms in Cyprus for tax. The practice comprises 31 fee-earners and is led by Elias Neocleous. The main focus of the practice in in international tax planning and the group benefits from its close ties to international ... [more]

Andreas Neocleous is one of the best law firms in Cyprus for tax. The practice comprises 31 fee-earners and is led by Elias Neocleous. The main focus of the practice in in international tax planning and the group benefits from its close ties to international law firms from where they often get referral work.

Panos Labropoulous, Olga Mikhailova, Stephanos Evangelides and Varnavas Playbell are advising the Lee Cooper group on its restructuring after the disposal of its manufacturing operations, with particular emphasis on its intellecual property held in Cyprus. Philippos Aristotelous, Kyriacos Xenophontos, Michalis Loizou and Andreas Neocleous advised a Cyprus resident company on the structuring of disposal proceeds of more than $5 billion to minimise its tax burden.

The group is particularly proficient in designing structures through Cyprus for cross-border investments into central and eastern Europe. Andreas Neocleous, Mikhailova and Evangelides is advising BNY Mellon on a new group structure where Cyprus is used as a conduit between the US and Russia so that the group can avail of treatybenefits.

Other clients the practice has represented this year include JP Morgan Chase, Dryope Enterprises, KKCG and BW Offshore.

The tax practice of Baker Tilly Klitou has expanded this year, with the number of fee-earners increasing to 150. Therapon Mafkas oversees the firm's three offices and is one of nine partners. The bulk of the firm's work comes from tax planning and compliance ... [more]

The tax practice of Baker Tilly Klitou has expanded this year, with the number of fee-earners increasing to 150. Therapon Mafkas oversees the firm's three offices and is one of nine partners.

The bulk of the firm's work comes from tax planning and compliance work. A sizeable proportion also comes from VAT and transfer pricing. The group represents its clients in mostly cross-border matters. They are able to operate across a number of different jurisdictions because of the Baker Tilly International network, though most work tends to come from those countries where Cyprus has double tax treaties such as Russia, Poland or the Ukraine.

Last year Baker Tilly Klitou worked on the restructuring of a Greek food group. The practice worked on the merger of 40 different Cypriot companies. The practice also represented a US-based group operating in the entertainment industry on their purchase of an aircraft in the Isle of Man and managed to achieve this without any VAT leakage.

The tax practice at Chrysses Demetriades comprises four professionals and is led by Christos Mavrellis, who was mentioned by his competitors as being particularly strong in the capital markets and financial products area. Thomas Keane is the other partner ... [more]

The tax practice at Chrysses Demetriades comprises four professionals and is led by Christos Mavrellis, who was mentioned by his competitors as being particularly strong in the capital markets and financial products area. Thomas Keane is the other partner at the practice.

The main focus of the practice is "broadly transactional" including M&A, the creation of holding structures, joint ventures, corporate finance and the establishment of funds. The latter has proved particularly important this year especially for those wishing to invest into India.

Most of the team's clients come from traditional jurisdictions such as the UK, Germany, Russia and the Ukraine. The practice has seen an increase of work from Italy and North America this year, in particular.

Demosthenes Mavrellis has a particular focus on emergring markets. He has advised a number of clients from India and the Far East on structuring syndicated forms of lending. Keane also advised on the first listing by a Cypriot company in Hong Kong.

Consulco has experience of international work beyond the traditional Russian-CIS markets for Cypriot tax advisers. Rutger Kriek, for example, who heads the tax practice, is a native of the Netherlands.The group comprises three partners and 13 fee earners. ... [more]

Consulco has experience of international work beyond the traditional Russian-CIS markets for Cypriot tax advisers. Rutger Kriek, for example, who heads the tax practice, is a native of the Netherlands.The group comprises three partners and 13 fee earners. Constantinos Demetriou heads the tax compliance department.

The value and scope of the work Consulco has been involved in has grown this year in line with the firm's development over recent years. The group acted for Prosafe, a service-rig operating company, on an interest swap agreement in a deal worth $800 million where a third-market party took over the exposure to LIBOR.

Kriek is doing the Cypriot work for NASDAQ-listed company with a market capitalisation of more than $1 billion, where RSM McGladrey are the company's principal tax advisers. in their capacity as advisers to a. This matter is not yet over and involves the sale of shares in a British Virgin Islands company that had a lot of exposure to Indian assets. A demerger is seen as the only viable way of avoiding tax leakage after the Vodafone ruling.

Eurofast Taxand has continued to expand its presence within the tax market in Cyprus and was rewarded by being awarded "Cyprus Tax Firm of the Year" at International Tax Review's European Tax Awards in 2011. The number of fee earners has continued to ... [more]

Eurofast Taxand has continued to expand its presence within the tax market in Cyprus and was rewarded by being awarded "Cyprus Tax Firm of the Year" at International Tax Review's European Tax Awards in 2011. The number of fee earners has continued to grow this year and the group now comprises 11 partners and 61 fee-earners. Christodoulos Damianou is singled out for his international tax and real estate work.

The practice is strongest in international tax where two-thirds of their fee earners operate. The group has seen a lot of restructuring work in particular over the last 12 months. Last year Damianou and Michalis Zambartas advised a pharmaceutical company with operations in six countries in southern Europe on the migration of its headquarters to Cyprus and carried out a thorough analysis of its existing operations.

Other work from the previous year includes the restructuring of an international group through the use of the EU Merger Directive and implementing the tax structure for a waste-to-energy project that involved legal entities for six different countries. The group also advised a large private-equity real estate fund on the acquisition of a large amount of property and the post-acquisition restructuring.

The tax practice advises a large number of multinationals in most sectors of the economyand has a sizeable number of local clients.

Athinodorou & Zevedeou's is part of the CPA corporate tax alliance. The tax practice comprises two partners: Andreas Athinodorou, who specialises mostly in international tax planning and corporate tax planning, and Marina Zevedeou, who focuses more on ... [more]

Athinodorou & Zevedeou's is part of the CPA corporate tax alliance. The tax practice comprises two partners: Andreas Athinodorou, who specialises mostly in international tax planning and corporate tax planning, and Marina Zevedeou, who focuses more on VAT issues.

This year the team advised a client on investment into India through a Cyprus company. This was a difficult transactionas it involved pre-empting how the Indian authorities would react in the context of the Vodafone tax case, and a bond issuance on the Moscow Stock Exchange. The group also advised on setting up a collective investment scheme for investment into Poland.

The group advises listed companies and major financial institutions. The practice has seen an increase in work from India and the US this year.

The tax team at Michael Kyprianou & Associates is led by Lambros Soteriou. Fellow partners Tonia Antoniou and Anna Grigorieva also specialise in tax.The practice is best known for its international tax planning work and regularly advises a number of ... [more]

The tax team at Michael Kyprianou & Associates is led by Lambros Soteriou. Fellow partners Tonia Antoniou and Anna Grigorieva also specialise in tax.

The practice is best known for its international tax planning work and regularly advises a number of multinationals and major financial institutions on setting up group structures to benefit from Cyprus as a holding jurisdiction.

Clients they have worked for include the Bank of Cyprus, Popular Bank and Alpha Bank.