On the 15th October 2014, KPMG Cyprus organized a
special FATCA briefing for Cyprus trading companies. More than 60 participants
attended the event.
The notable speakers were Mrs. Liana Charalambous Tanos, Chief Revenue Officer of the Tax Department and Mr. Julio Castro, Principal, KPMG US LLP, Washington National Tax Practice.
Mrs. Charalambous offered an update on the immediate actions with regards to the FATCA inter-governmental agreement between Cyprus and the US. As stated, the agreement is expected to be signed by mid-November 2014.The introduction of national legislation and the issuance of Guidance Notes are expected to follow by the end of November 2014.
Mr. Castro examined the practical application of FATCA to Cypriot traders. By presenting the available operating models of Cyprus Investment Firms and explaining the various tasks that need to be completed for FATCA compliance, participants were able to comprehend how FATCA may influence their daily operations. Ideas and methods of preparing for FATCA compliance were discussed amongst the audience.
KPMG Cyprus, in cooperation with KPMG International experts, can offer a wide range of specialized services to firms which fall under the application of FATCA rules. All affected organizations should take the necessary steps to evaluate the impact of the rules to their operating model and their commercial