Alexis Tsielepis, Panayiotis Panayi and guest instructor, Maltese VAT expert, Matthew Zampas, join forces to deliver two unique seminars on the VAT treatment of cryptocurrencies and the upcoming changes to the VAT legislation in the EU and Cyprus, respectively.

Interested professionals can attend either seminar or both.


Thursday, 14 November 2019
Columbia Plaza Venue Centre, Limassol

Chelco VAT International Academy instructor, Panayiotis Panayi, joins forces with renowned Maltese VAT expert, Matthew Zampa, to deliver a unique seminar on the Value Added Tax (VAT) treatment of digital assets, including cryptocurrencies.

Cryptocurrencies, such as Bitcoins and Altcoins, are broadly defined as virtual or digital money which takes the form of tokens or “coins.” While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.

How does the existing VAT legislation regulate businesses operating in the blockchain space? What are the current pitfalls?

The seminar will introduce the audience to different operations that blockchain businesses might be involved in, with a view to identifying the applicable VAT treatment. The expert instructors will critically analyse the VAT treatment of the following in the light of the existing guidance available at EU level and the single ECJ case on the matter:

  • Different types of Distributed Ledger Technology (DLT) assets;
  • The raising of capital through initial coin offerings and security token offerings;
  • Different types of exchanges and their VAT treatment;
  • Other service providers such as miners, digital wallet providers and portfolio managers.

Download the seminar brochure in ENGLISH



8:30am – 9:00am Registration & Coffee
9:00am – 9:05am Welcome Address
Panayiotis Panayi
9:05am – 10:45am
  • Brief history of cryptocurrencies and digital wallets and their use in businesses
  • Defining the types of services surrounding Distributed Ledger Technology (DLT) and Digital Assets
  • The guidance from the European Court of Justice (ECJ)
  • Developments in the EU on the subject matter
  • In which circumstances are transactions connected to DLT assets exempt? When is it Intermediation? What are the conditions for intermediation to be exempt?
10:45am – 11:15am Coffee Break
11:15am – 1:00pm Analysis of VAT through examples for:

  • understanding the underlying characteristic of a token
  • understanding mining
  • understanding digital wallets
  • understanding digital exchange platforms
  • understanding initial offerings
  • brokerage and portfolio management of DLT assets

Discussion and Questions

1:00pm End of Seminar



Professionals dealing with VAT-related matters in and for the forex industry and other CySEC regulated entities, lawyers, auditors, accountants, block chain associations, fiduciary service providers and more.

CFOs & FCs
Chief Accountants
Technology lawyers
VAT Department Officers


Thursday, 14 November 2019
Columbia Plaza Venue Centre, Limassol

Chelco Vat International Academy lead instructor, Alexis Tsielepis, joins forces with renowned Maltese VAT expert, Matthew Zampa, to deliver a unique seminar on the upcoming changes to the Value Added Tax (VAT) legislation.

As from 1 January 2020, several ‘quick fixes’ will impact the current VAT system for B2B intra-community supplies across the EU. In parallel, in August 2019, the Cyprus Ministry of Finance (MoF) circulated for comments a draft legislation to amend the Cyprus VAT legislation. This seminar will explain and critically analyze the changes that are around the corner for the Cyprus VAT legislation arising from the EU’s quick fixes which will commence from 1 January 2020, as well as from the MoF’s proposed amendments.

The quick fixes aim at simplifying and harmonizing VAT at an EU level for cross border supplies of goods. The European Commission has issued draft explanatory notes in an attempt to bridge some practical issues that have arisen. However, there are still practical problems that remain unanswered which businesses need to address. The seminar will explain with examples what the four quick fixes are, explain their purpose, and highlight potential problems as well as consideration that businesses need to make.

The proposed amendments to the Cyprus VAT legislation cover many different areas. Although it is unlikely that all the amendments will make it through the House of Representatives, the seminar will explain what is being proposed and with examples critically assess the effectiveness of such proposals. This will help both VAT professionals, advisers and businesses understand what is possibly changing in the near future, in order to consider how to prepare.

The seminar is addressed to all businesses and professionals given that everyone will be impacted to some extent from VAT coming around the corner!

The seminar will cover the following matters:

  • Explanation and critical analysis of the European Commission’s 4 quick fixes, which will apply from 1 January 2020.
  • Explanation and critical analysis of Cyprus Ministry of Finance’s recent proposed amendments to the Cyprus VAT legislation.

Several examples will be provided for a better understanding.

Download the seminar brochure in ENGLISH



All businesses will be impacted to some extent by what is coming around the corner in terms of VAT legislative changes. All businesses, professionals dealing with VAT-related matters, VAT advisors, lawyers, auditors, accountants and VAT officers of the Department of Taxation would benefit from attending this seminar.

CFOs & FCs
Chief Accountants
VAT Department Officers



Matthew Zampa
Founding Partner
Zampa Debattista



Matthew is a certified public accountant specialised in indirect taxation. He has been specializing in VAT since 2008 and has been involved in complex VAT assignments both within and outside of Malta.

A member of the Malta Institute of Accountants, Matthew is also a part-time lecturer with the Malta Institute of Taxation.

Matthew Zampa is also the first Maltese to successfully complete the Expert in EU VAT degree. This coveted degree is administered and awarded by the VAT Forum, an international partnership of indirect tax specialists, founded in 1999.

Matthew forms part of Malta Institute of Accountants tax committee and is a member of the indirect taxation committee of the Malta Institute of Taxation.


Alexis Tsielepis, BSc, FCA
Managing Director
Chelco VAT Ltd



Alexis is widely considered as the foremost expert on VAT in Cyprus. With 18 years of experience in VAT strategic consulting, he advises businesses on international VAT matters and lectures at local and international VAT conferences and schools.

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. He teaches at various VAT International Schools and sits on various committees charged with VAT matters. His work includes liaising with the Cyprus tax authorities and government on policy making.

He has written a number of tax syllabuses, chapters, articles and a book on matters pertaining to Cyprus and EU VAT.

Alexis is a Fellow Chartered Accountant 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.


Panayiotis Panayi, BA, ACA
Chelco VAT Ltd



Panayiotis is an Associate Chartered Accountant (ACA) and a member of the Institute of Certified Public Accountants of Cyprus (ICPAC), with more than 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.



What, When, Where Digital Assets: Decrypting VAT
Thursday, 14 November 2019, Columbia Plaza Venue Centre
9:00am – 1:00pm (Registration at 8.30am)
4 CPD Units (certificates of attendance will be provided)

VAT’s Around the Corner: Quick Fixes and Amendments
Thursday, 14 November 2019, Columbia Plaza Venue Centre
2:00pm – 6:00pm (Registration at 1.30pm)
4 CPD Units (certificates of attendance will be provided)

Cost €175 + VAT per seminar
Group Discount (for 3 persons or more): 10%
Discount for attending both seminars: 10%
Language English