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Compliance Services

Compliance Services

Bearing in mind the continuous trend towards indirect taxation, businesses are facing increased challenges in achieving full compliance as well as realizing more pressure on their cash resources.

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Board Member, Indirect Tax Services

KPMG in Cyprus

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Indirect Taxation Complexities

Bearing in mind the continuous trend towards indirect taxation,businesses are facing increased challenges in achieving full compliance as well as realizing more pressure on their cash resources. It is crucial that businesses are in a position to assess the degree of efficiency and effectiveness in managing indirect taxes being one of the most important and riskiest area of their operations.

For the majority of businesses, large medium or small, VAT is the third largest cash flow item after sales and cost of sales. However,determining the true impact that VAT has on the cash position of a business, is a complex process.

Often businesses focus solely on the net VAT payable to, or receivable from, the tax authority. But this ignores the significant amounts of VAT amounts that flow in and out of a business daily (e.g. on customer receipts and payments to suppliers).

KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ("KPMG International") a Swiss entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative ("KPMG International") or KPMG member firms.

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