Committees

1. Tax and VAT
Targets
  • To follow and advise the Board of Directors (BoD) on tax and VAT issues and assume all related matters brought up by the BoD
  • To review and prepare circulars regarding tax and VAT related developments, legislations, provisions and other regulations
  • To maintain proper communication and cooperation with the Director of the Tax Department of the Ministry of Finance
  • To keep contact with related government authorities, the House of Representatives and other authorized professional parties regarding tax and VAT issues
  • To prepare informative material regarding tax and VAT issues for the Association’s web page
  • To provide guidance in regards to the preparation of content for seminars related to tax and VAT topics.
2. International Business
Targets
  • To review and advise the BoD on any issues related to the companies of international activities
  • To advise the Board of Directors on best practices regarding the adequate and efficient supervision of fiduciary services providers
  • To maintain a good relation and cooperation with official bodies dealing with international businesses and investments such as CIPA, the Cyprus Shipping Chamber, etc.
  • To suggest ways for promoting Cyprus as an International Business centre, as well as ways to improve the Cyprus jurisdiction (produces and services, business development, etc.)
  • To prepare informative material regarding international business affairs for the Association’s web page
3. AML & Compliance Affairs
Targets
  • To deal with all related matters for the introduction and implementation of the Regulation of Undertakings Providing Management & Administration Services to Private Companies and Related Matters Law of 2012 (Ο Περί της Ρύθμισης των Επιχειρήσεων Παροχής Υπηρεσιών Διοίκησης Ιδιωτικών Εταιρειών και Συναφών Θεμάτων Νόμος του 2012) and the AML Directive of the Cyprus Securities and Exchange Commission (DI144-2007-08 of 2012)
  • To advise the Board of Directors on best practices regarding the adequate and efficient operations of the Compliance Officer
  • To maintain contact with the Cyprus Securities and Exchange Commission as well as the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association for the exchange of views and cooperation on compliance issues
  • To follow the developments on AML & Compliance Regulations on a local and international level, and inform the BoD accordingly
  • To prepare informative material regarding AML & Compliance Affairs for the Association’s web page
  • To provide guidance in regards to the preparation of content for seminars related to AML and compliance topics
4. Legal and Corporate Affairs
Targets
  • To review and advise the BoD on issues related to the Companies Law, the Code of Corporate Governance of the Cyprus Securities Exchange, and other related laws and directives
  • To prepare the Association’s stands on Law amendments suggested by the House of Representatives, to be reviewed and approved by the BoD
  • To keep contact with the Institute of Certified Public Accountants of Cyprus (ICPAC), the Cyprus Bar Association, the Cyprus Institute of Internal Auditors, and other professional bodies in order to keep informed about amendments in the IFRSs, the International Standards of Internal Controls, and other corporate issues, and advise the BoD accordingly
  • To prepare informative material regarding legal and corporate affairs for the Association’s web page
  • To provide guidance in regards to the preparation of content for seminars related to legal and corporate topics
5. Professional Development
Targets
  • To assess the educational needs of the professionals of the fiduciary sector and suggest potential topics for the organising of educational seminars
  • To develop the annual plan of educational seminars of the Association
  • To identify potential instructors/ partners for the delivery of seminars
  • To develop along with the instructors and in cooperation with the other CFA Committees the content and material of the seminars
  • To assist in the organising of the seminars