PwC Cyprus hosts informative CESOP event on new VAT reporting obligation

Press release 

PwC Cyprus successfully organized a pivotal event entitled "A New Reporting Obligation on VAT" at its state-of-the-art experience centre on Monday, 18 December 2023. The event focused on CESOP, the upcoming European database designed to centralize information reported by Payment Service Providers, set to be operational from 1 January 2024.

This significant initiative attracted a large audience comprising clients and associates of PwC Cyprus, 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," said Mr. 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 featured a notable guest, Ioannis Georgoulas, Chairman of the Association of Cyprus Electronic Money & Payment Institutions, who provided an external perspective on the implications of these new reporting obligations.

The session concluded with an interactive Q&A, where attendees engaged with the speakers to clarify their doubts and gain deeper insights.