The Chelco VAT International Academy is back and is kicking off the Fall academic season with a morning seminar on the treatment of VAT transactions in the shipping industry.

Covid-19 has affected our lives in ways that were inconceivable just a few months ago. Not since the 2013 economic crisis has Cyprus collectively shared an experience of this kind: a single, lingering crisis, structuring the rhythm of our daily lives within a complex calculus of risk and competing probabilities.

But even though the coronavirus pandemic has dominated our thoughts and shifted our priorities, there are a few things that still demand our undivided attention and should not be overlooked. Like Value Added Tax (VAT).

At the new season’s first seminar, Academy instructor and Director of Chelco VAT Ltd, Panayiotis Panayi, will analyse the main types of activities undertaken by companies engaged in the shipping industry and explain how they should be approached and treated from a VAT perspective. The session will focus on the guidelines of the EU VAT Directive, with reference to the Cyprus VAT legislation, where required. Key decisions of the European Court of Justice (ECJ) will also be examined that will help clear some of the grey areas of shipping-related VAT legislation.

The shipping industry has a multitude of different transactions to consider with regards to their VAT treatment. At the same time, a number of shipping services are granted a VAT exemption (more commonly known as being 0% VAT rated). Applying the exemption can be difficult to achieve given the fact that it should be interpreted strictly as it allows for non-taxation. In many cases, the involvement of intermediaries in providing some of these services, creates confusion as to whether the 0% rate can be applied throughout the chain.

The shipping industry in Cyprus and Limassol in particular, is a major part of the island’s economy with some of the biggest players of the world’s shipping market establishing their business operations here. The importance of the sector was emphasised by the creation of the Deputy Ministry of Shipping, headquartered in Limassol.

The seminar is open to any professional working in or offering professional services to the industry, regardless of position or competence, and who would like to gain a better understanding of how VAT works in shipping.

Due to social distancing and the latest Covid-19 health & safety regulations that will be strictly enforced at the seminar, seats are limited!

Download the workshop brochure in EN.


8:30am – 9:00am Registration & Coffee
9:00am – 9:05am Welcome Address
Panayiotis Panayi-Instructor
9:05am – 11:00am A review and explanation of the legislation surrounding the shipping VAT exemption and treatment of the below transactions:

  • Supply of goods for the fueling and provisioning of vessels;
  • Supply, modification, repair, maintenance, chartering and hiring of vessels and their equipment;
  • Supply of services to meet the direct needs of vessels or of their cargoes;
  • Services supplied at the ports;
  • Supply of satellite navigation equipment and services;
  • Supply of transport of goods services;
  • Supply of chartering of vessels services.

The above explanations will be supported by relevant decisions of the ECJ.

11:00am – 11:30am Coffee Break
11:30am – 1:00pm
  • Continued…

Discussion and Questions

1:00pm End of Seminar



Panayiotis Panayi, BA, ACA
Chelco VAT Ltd
E-mail: p.panayi@chelcoVAT.com


Panayiotis Panayi

Panayiotis is an Associate Chartered Accountant (ACA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC), with close to 10 years of experience in VAT.

He holds a Bachelor of Arts degree in Accounting and Finance from Manchester University in the UK. Panayiotis trained initially with Deloitte & Touche LLP in Manchester, and subsequently with PwC Cyprus, as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW), before joining Chelco VAT Ltd as Senior VAT Consultant in 2014. In 2017, he was awarded the Expert in EU VAT degree, finishing first in his class.

He now works exclusively as a consultant in VAT advisory and compliance services for both local and international companies with activities in Cyprus, Europe and worldwide.

Panayiotis has authored or contributed to various articles and other publications in Cyprus and abroad on matters pertaining to Cyprus and EU indirect taxation.


Professionals dealing with VAT matters in or for the shipping industry at all levels who would like to refresh or enhance their VAT knowledge:

  • Accountants
  • Chief Accountants
  • Financial Controllers
  • Tax Consultants
  • Tax Accountants
  • VAT Department Officers
  • VAT Specialists



Date & Venue Limassol
Friday, 25 September 2020, Columbia Plaza Venue Centre
Time 9:00am – 1:00pm (registration at 8:30am)
4 CPD Units (certificates of attendance will be provided)
Cost €175 + VAT
Group Discount (for 3 persons or more): 15%
Due to Covid-19 health & safety regulations, seats are limited!
Language English