CYFA Update #09/2022 – EU Shell Company Directive Proposal

Following CYFA Announcement #3/2022 on the subject matter dated 18th February 2022, we would like to inform our members that Association representatives participated in an informal consultation meeting which took place at the Ministry of Finance on Wednesday the 9th March 2022. During the meeting, industry stakeholders consulted with Ministry officials and exchanged views on what actions can be taken both at a National and European level to best protect the professional services industry interests. The proposal, that first needs to be adopted by all Member States, is expected by the EC to come into force on 1 January 2024. CYFA will continue to update all members of any further developments.

In addition, in regards to the same subject matter, CYFA successfully organised Seminar #2 titled ‘Tax Developments and the Draft EU Unshell Directive’. The seminar which took place on the 8th and 10th March 2022 in Nicosia and Limassol respectively was attended by more than 85 industry practitioners. CYFA would like to thank the keynote speaker Mr Andreas Papagavriel from Baker Tilly Klitou and Partners Ltd for delivering the event. The Association would further like to thank the Association exclusive sponsors namely the Bank of Cyprus, Ispiral, Global Training and Renaissance Insurance Brokers for making the event possible.