LEARNING THE ROPES OF VAT IN SHIPPING

The Chelco VAT International Academy continues its series of high-level VAT educational events with a morning seminar on the treatment of VAT in the shipping industry.

Alexis Tsielepis, flanked by Chelco VAT Ltd’s Senior VAT Consultant, 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 two VAT experts 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 huge importance of the sector was highlighted by the recent decision of the government to create a Deputy Ministry of Shipping, to be 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.

Download the workshop brochure in EN

AGENDA

8:30am – 9:00am Registration & Coffee
9:00am – 9.10am Welcome Address
Alexis Tsielepis: – Co-Instructor
9:10am – 10.45am The seminar will address the matters below making use of examples and discussing relevant judgments from the European Court of Justice (ECJ).

  • Analysis of the VAT legislation relevant to the shipping industry with regards to:
    • Basic place of supply rules;
    • Use and enjoyment place of supply rules;
    • VAT exemption for shipping services.
  • Definition of qualifying vessels.
  • VAT treatment of passenger transport and ancillary services.
  • VAT treatment for the supply of services provided through intermediaries.
  • VAT treatment of the activities of fleet managers.
10:45am – 11.15am Coffee Break
11.15am – 1.00pm
  • VAT treatment of ship chartering services.
  • VAT treatment of transport of goods services.
  • VAT treatment of ancillary transport of goods services.
  • VAT treatment of supply satellite equipment.
  • VAT treatment for the supply of fuel, including use of intermediaries in the supply chain.

Discussion and Questions

1.00pm End of Seminar

THE INSTRUCTORS

Alexis_236x236px

Alexis Tsielepis, BSc, FCA
Managing Director
Chelco VAT Ltd
E-mail: [email protected]

 

Alexis Tsielepis

Alexis is widely considered as the foremost expert on VAT in Cyprus. With close to 15 years of experience in VAT strategic consulting, he advises businesses on international VAT matters and lectures at local and international VAT conferences.

Alexis possesses an extensive vocational and educational experience in European VAT and a detailed comprehension of EU VAT matters and decisions of the European Court of Justice (ECJ). He sits on various committees charged with tax matters, including the VAT Committee of ICPAC, on which he has held various positions, including Vice-President. His work includes liaising with the Cyprus tax authorities and government on policy making.

He has written a number of tax syllabuses, chapters and articles on matters pertaining to Cyprus and EU VAT. He is the author of the book “An in-depth analysis of the Fixed Establishment concept and a comparison with the Permanent Establishment concept”.

Alexis is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), and holds the Expert in European Value Added Tax Degree, which he earned with the highest grade ever awarded in the history of the coveted diploma. He is now a Partner and a Director of the VAT Forum and teaches at various international VAT schools.

Alexis is sharing his knowledge on VAT, in a series of seminars and workshops organised by the Chelco VAT International Academy, covering an array of VAT-dedicated topics.


Panagiotis_236x236

Panayiotis Panayi, BA, ACA
Senior VAT Consultant
Chelco VAT Ltd
E-mail: [email protected]

 

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.

WHO SHOULD ATTEND?

Professionals dealing with VAT matters at all levels and in all industries, who would like to expand or enhance their VAT knowledge:

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

WHEN, WHERE & HOW MUCH?

Date & Venue Limassol
Tuesday, 12 December 2017, Columbia Plaza Venue Centre
Time 9:00am – 1:00pm (registration at 8.30am)
4 CPD Units (certificates of attendance will be provided)
Cost €150 + VAT
Seats are limited!
Language English