Our Clients: Tax

Overall we have managed to increase our fees by 7% rising from €15.3m last year to €16.3m. By the end of the year our people numbered 165, having welcomed 11 people in Paphos, who joined us from GCS and Audit to form TASPaphos which commenced its operations during the year. Once again the VAT division, has done us proud, continuing to grow, especially in the Regions and establishing itself as the indisputable market leader.

The Russian market remains the biggest source of work. The signing of the protocol between Cyprus and Russia, the secondments of staff made in Cyprus and Moscow and the improvement of the Russian economy, helped to increase the flow of work.

The UK market also started showing signs of improvement mainly due to the concerted X-LOS marketing efforts. The US market on the other hand stagnated. However, increased marketing efforts and the secondment of a senior tax manager at the New York office should help increase the flow of work in the next couple of years.

The other major markets such as India, Canada, China, Ukraine, Poland, Romania, and others, continued to produce work for us at similar levels as last year. 

Tax contributed substantially to the X-LOS marketing plan of the firm. Significant partner and director resources were invested in these efforts with some tangible positive results felt in the last quarter of the year. The local market was hit by the downturn of the economy with all important sectors adversely affected especially Financial Services and Construction.

During the year our concerted efforts to improve efficiencies continued and covered all our areas of operations. 

• VAT Regions has grown substantially and with the promotion of Martha Lambrou to Director has now become a self-sufficient team ready to provide a comprehensive set of services. 
• TAS continued to improve efficiencies. At the same time it has contributed significantly to the technical training of our people and to the improvement of the technical consistency of our services. 
• Direct Tax has continued to lead the market as the recognised specialists and contributed substantially to the increased marketing efforts of our firm. 
• The Cyprus/Russia Desk continued to work well bringing our two firms closer together. 
• The Small and Medium Enterprises (SME) team grew bigger in Nicosia whilst by the end of the year the Paphos team was fully operational. 
• Throughout the year we have worked closely together with our colleagues from other Service Lines, always promoting the
  One-Firm mentality.