PwC Cyprus successfully organised a pivotal event entitled “A New Reporting Obligation on VAT” at its state-of-the-art experience centre on December 18, 2023. The event focused on CESOP, the upcoming European database designed to centralise information reported by Payment Service Providers, set to be operational from January 1, 2024.  This significant initiative attracted a large audience comprised of PwC Cyprus clients and associates, all keen on understanding the intricacies of CESOP and its impact on VAT reporting.  Chrysilios Pelekanos, Head of Indirect Tax at PwC Cyprus, explained the framework of the new VAT reporting requirements. “The introduction of CESOP marks a significant shift in VAT reporting standards across Europe,” noted Pelekanos. “It’s imperative for businesses to understand these changes to ensure their compliance and optimise their operations in the new regulatory environment.”  Vassilios Vrachimis, Head of Consulting at PwC Cyprus, also shared valuable insights, emphasising the power of technology to deliver faster, better and more intelligent, outcomes.  The event saw Chairman of the Association of Cyprus Electronic Money & Payment Institutions, Ioannis Georgoulas, provide an external perspective on the implications of these new reporting obligations.  The session concluded with an interactive Q&A, allowing attendees and speakers to engage, in order to clear up doubts and gain deeper insights. (ICE BEIRUT)

Fonte notizia: Cyprus Mail