Bank of Cyprus and PwC promote Cyprus in a seminar in Moscow

Russian and Cypriot opportunities in an ever evolving tax environment

In their efforts to promote Cyprus as an International business and financial centre, the Bank of Cyprus Group in cooperation with PwC Cyprus organised a seminar with subject “Russian and Cypriot opportunities in an ever evolving tax environment”.

The seminar focused on the recent trends in the Russian tax legislation and how these impact investments structured through Cypriot companies.

Mr Louis Pochanis, Senior Manager, International Banking Services, Bank of Cyprus presented the Cypriot Banking System and the relevant regulatory environment as well as the Bank of Cyprus Group.

During the course of the seminar, specialists from PwC Russia commented on the new approach of the Russian tax authorities towards international tax planning and how this may change business models of operations for groups with presence in Cyprus, while specialists from PwC Russia provided an in-depth overview of the tax developments in Cyprus.

Representing the Cypriot authorities, Mr George Poufos, Director of the Inland Revenue Department, who honoured the seminar with his presence, explained the tax authorities' perspective and Mrs Demetra Kalogirou, Chairman of Cyprus Securities and Exchange Commission, delivered a presentation on the Cyprus Securities and Exchange Commission developments. An interactive discussion with the audience followed the speakers' presentations.

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