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The services rendered by Consulco's tax department include, but are not limited to:
General tax planning services for holding-, trading, licensing-, financing- and other operations structured through Cyprus. We are capable, either individually or in co-operation with associates throughout the globe, to identify the best solution for clients looking for a tax efficient way to structure their operations, whether it be holding companies, trading companies, licensing companies or other companies.
Consulco’s international tax department is frequently engaged in the delivery of opinions on the Cypriot tax aspects of the involvement of Cypriot companies in cross-border transactions, either in the field of corporate tax, social security, VAT or special contribution for the defense of the Republic of Cyprus.
Mergers and acquisitions
Consulco’s international tax department has been involved in a significant number of large M&A transactions and other major cross-border transactions. This work is often done in close co-operation with Consulco’s legal department. Clients experience this combined approach as highly convenient.
VAT advisory services
Consulco acknowledges that VAT is a taxation form, of which the importance can never be underestimated. Our unique expertise in the field of European VAT Directives and jurisprudence gives us a strong competitive advantage when it comes to rendering quality VAT advice.
Tax planning for high net wealth individuals
We are proud of having a significant client base of high net wealth individuals and to have, as the first firm in Cyprus, started with the wealth management concept, enabling us to assist clients in their portfolio investment requirements as well.
Advice on income tax and social security aspects of international employee assignments
Consulco has successfully managed a couple of high-level cross-border employee assignment cases, including advisory services to professional employment agencies and advice on the income tax- and social security aspects of international assignments of stock exchange quoted company executives.
Negotiation of tax rulings with the Cyprus Inland Revenue
The members of Consulco’s international tax department are able to identify risks and exposures arising from the involvement of Cypriot companies in cross-border operations. At the same time, they acknowledge that tax legislation is never drafted in such a way that it provides perfect clarity about the tax aspects of any scenario. Each law has its ‘grey areas’. When encountering such grey areas, we usually advise clients to negotiate a ruling with the Cypriot tax authorities regarding the tax aspects of the income generated by the Cypriot company in question. Based upon that approach we have developed valuable experience in dealing with the Cypriot Inland Revenue and we have gained valuable knowledge about the policy conducted by the Inland Revenue in many of the afore-mentioned grey areas.
Offshore tax planning (tax planning involving the use of offshore companies –usually- combined with onshore entities)
If feasible from the client’s perspective (for example from the point of view of exposure arising from CFC legislation) we are in a position to assist clients in the set up of offshore companies and to advise them on the use of such companies, usually in combination with onshore structures.