New ICPAC Council

The Institute of Certified Public Accountants of Cyprus (ICPAC) held its 62th Annual General Meeting on 21 June 2023 online from Nicosia Municipal Theatre. Following the procedures of the General Meeting, the new Council was formed as follows:

President: ................................... Nicos Chimarides

Vice-President: Odysseas Christodoulou

Members: Andreas Andreou

Andreas Avraamides

Pieris Markou

Demetris Vakis

Gabriel Onisiforou

Stavros Ioannou

Maria Pastellopoulou

Petros Petrakis

Demetris Shacallis

Spyros Spyrou

Constantinos Kallis

Marios Demetriades

The Council is thankful to the former president Mr. Pieris Markou, for his valuable services.

Short Bio Of The New President

Nicos is a partner in PwC Cyprus. He is a member of the Management Board and Tax & Legal Leader. He has over 25 years of experience in advising large MNCs on international tax matters. Nicos is the President of the Council of Institute of Certified Public Accountants of Cyprus. He is a member of the Institute of Chartered Accountants in England and Wales and holds a Bachelor’s degree in Economics and Computer Science from Queen Mary College, University of London.

The 62th Annual General Meeting

ADDRESS BY THE PRESIDENT OF THE REPUBLIC, Mr. NIKOS CHRISTODOULIDES

ICPAC is an essential partner of the government for the Tax Transformation

It is with great pleasure that I attend today's ICPAC General Assembly. My presence here is an indication of appreciation and recognition of the extremely important role and work you perform, substantially strengthening the common effort, because this is how we approach it, for the development and promotion of the economy of our country. As a State, we approach ICPAC as a key partner and companion in the effort to successfully address the multiple challenges we face, all those we have before us, but also to promote the necessary reforms that will take our country even further and create hope and prospects for the entire Cypriot people. And I insist on reforms because the challenges we have to face are mainly exogenous, we do not affect them, we cannot change the facts in relation to the Russian invasion of Ukraine, but as far as reforms are concerned, it is solely our responsibility, and both you and the parliamentary parties, the Government, The executive reaches out as partners to achieve common goals.

In this context, ICPAC is an essential partner and partner of the Government in a major effort for the tax transformation of our country, which is a top priority for the Government. And I would like to mention, by the way, that you were the first to publicly express the need for such a development, something that we adopted and in this context of implementing our governance program, one of our first decisions was to start the effort for tax transformation, with the aim of modernizing and simplifying it. The main axes of the tax reform promoted are to increase the competitiveness of Cyprus' tax model, reduce the administrative burden for taxpayers and of course businesses and, at the same time, provide a fairer redistribution of the tax burden, while maintaining fiscal neutrality. At the same time, the aim is to fully align our tax policies with the objectives of the European Green Deal, another challenge we need to meet, also in the context of the green tax reform being promoted. An effort that will lead to the imposition of taxation for the consumption of natural resources that pollute the environment, shifting the burden of taxation towards environmentally damaging activities. Green tax reform will undoubtedly contribute to the fulfillment of our country's environmental goals, reduce distortions in the economy, improving habits in the polluting transport and energy sector, water, promote the circular economy and boost innovation and "green" investments in the energy sector, environmental protection and waste reduction.

At the same time, from the first days of taking office, we had to manage an additional challenge, that of safeguarding Cyprus' name as a reliable business and financial centre. The Government immediately, in cooperation with all supervisory bodies, in cooperation with you, and I would like to thank you, is taking all necessary measures and will continue to demonstrate zero tolerance on this issue, I want to repeat. The decisions taken by the American and British Governments have not been a positive development, but we must see these decisions as an opportunity to put an end to this issue which, unfortunately, is afflicting the executive, is afflicting the legislature, is inconvenience to all of you, and that is why we must all work together bearing in mind the need for zero tolerance. Let us put an end to this issue once and for all. And I would like to call on all of you, bodies of the accounting and auditing profession, to continue to approach this issue with absolute seriousness and to work together to eliminate, through actions and not words, any shadow or doubt that exists internationally about business activities in our country. That is our clear intention and I am sure you share the same view. Cyprus cannot afford not to rise to the occasion and continue, due to the behavior of a minority, to suffer a blow to its image. Rest assured that there is strong investment interest in our country, we will see significant investments from foreign countries in 2023. Today, I had a first meeting with a delegation from the United Arab Emirates, accompanied by investment funds and other investors from the country, who are really interested. There was a very substantial meeting with a number of Ministers, with the public sector dealing with this issue. Tomorrow morning we have another meeting with all those who have invested in our country to hear their own concerns. The issue of attracting quality investments is a top priority for the government and I want you to be sure that our country has the infrastructure to attract such investments, as long as we do what we have to do without having to be imposed on us by any third party, but we who care more than any third party about the name of our country. For the future of our country, for the future of our economy, we must do our part. On behalf of the Government, I want to assure you that we will be by your side to work closely together and find effective solutions to the challenges our country is facing, such as those that continue through Russia's invasion of Ukraine, inflation, interest rate increases, energy costs, but also the challenges in the labor market that, Undoubtedly, among many other effects, they are, in some cases, obstacles to doing business.

Together, we will also continue, with the same responsibility and intensity, the effort to promote economic recovery measures, as well as measures to attract quality investments in our country, which will also create new jobs.

My vision for our country, as I mentioned yesterday during the press conference on the occasion of the completion of 100 days since taking power, is to develop into a model state, with favorable conditions for attracting quality investments and promoting entrepreneurship. A state that will be able to be social and fair due to its economy and will ensure a high standard of living for all its citizens. A country that will dare to take steps forward, that functions as a reliable business and financial center, free from bad practices of the past. A country that – we will have to adapt – exploits the potential of technology, that innovates, that sets a high bar for the digital and green transition. A state that can respond to international geopolitical, economic and other challenges quickly and effectively. The formulation and implementation of a new development model is an important goal for the Government, so that the country, as recorded in the "Vision 2035", a vision presented during the previous Government and in particular the issues of the vision for the economy should not be affected by electoral cycles. This would be a sign of non-seriousness for our country, so we adopt "Vision 2035" in order for our country to become an ideal place for everyone to work, live and grow in business.

A robust economy, after all, and I often say this, in order to be able to have social policy and manage challenges such as high prices, we need to have a strong economy.

The triptych of our economic policy focuses on fiscal discipline, a stable financial system and continued structural reforms.

In closing, I would like to thank you for the invitation and reiterate our readiness to continue our cooperation.