International Corporate Solutions 2010 — Ukraine Conference

Alena A. Chernyavskaya

Businessmen, representatives of government bodies, CEO and CFO, leaders of Cypriot companies and financial institutions gathered on 12 November 2010 at the Premier Palace Hotel in Kiev to take part in the IV Annual Conference International Corporate Solutions 2010 — Ukraine organized by Bosco Conference.

This type of conference has been held twice a year in Ukraine and Cyprus since 2005. ICS is independent tax planning event where different opinions of tax consultants, banks, auditors and lawyers are represented. The main target of the conference in Kiev was to share the experience in tax planning from the best European consultants, to acquire the necessary circle of acquaintances as well as to build a new bridge in cooperation between Ukraine and other countries.

Speakers at the Bosco Conference event included the leading consultants in the sphere of corporate and tax law, with the best reputation who came from Lithuania, Austria, Cyprus, Hungary, Netherlands, Switzerland, Malta, etc. The event took the central place among events of this kind held in Ukraine which brought together more than 100 participants under one roof.

Iosif Frangos, advocate — legal consultant, Bybloserve Management, Cyprus, opened the conference with a presentation devoted to utilizing the Cypriot holding company in international tax planning. The speaker outlined Cyprus as the ideal holding company affording 10% corporate tax, no WHTs on dividends, royalties (in most cases), exemption on capital gains on shares and securites; tax structuring jurisdiction for over 30 years; no stamp duty on contracts relating to matters outside of Cyprus; extensive DTT network (almost 50) and benefit from EU directives; no CFC rules, no thin capitalization rules.

The second speaker, Pavelas Piatinas from Merits, Lithuania, attracted the attention of the audience in his speech to alternative trade and tax planning using Lithuanian companies.

Erich Baier, Bilianz-Data, Austria, touched upon the topic of Austria in international tax planning using various cases. Mr. Baier stressed that together with a generally friendly tax climate in Austria, the Austrian Holding and the Austrian Private Foundation are perfect tools for: sharia compliant structures, dynastic wealth planning, managing wealth tax-free, preserving assets to a family, obtaining off-shore income tax-free which help to avoid capital gains tax, income tax, inheritance tax.

Vladimir Oster, managing director of Taggroup International Companies SA, in his presentation entitled “Swiss Companies: Types and Taxation” described the advantages of choosing a company in Switzerland including low ordinary tax rates, low tax rates for privileged companies, stable economy and legal system, safety in tax planning: tax rulings can easily be obtained, rulings are binding for the tax authorities if described facts of a case are carried into effect; many double taxation agreements (DTA), qualified staff and excellent living conditions.

Dr. Jean-Philippe Chetcuti, Chetcuti Cauchi, who hails from Malta, showed the tax planning procedure via Malta in his speech. Victor Scopintsev, Schoenherr Ukraine, spoke about the features of investments from Ukraine.

Summing up the results of the conference it should be stressed that International Corporate Solutions 2010 — Ukraine has become an informative event and serves as a good platform for sharing experience and issues among specialists as well as getting necessary contacts and acquaintances.