About Kinanis
Kinanis is a law firm located in Cyprus and Malta, with a representative office in China. Kinanis advises companies and services companies with a full scope offering: Business law, tax law, civil law, etc. Within Kinanis‘ tax practice, the team provides a full scope of services, ranging from advisory to compliance, within all tax types: Direct tax, Indirect tax, Transfer Pricing, Appeals procedures, litigation, and audit support.
Challenge
“In the beginning, we experienced the DAC6/MDR as something new. However, we were already capable of handling new requirements due to our similar experience with, for example, the CRS/FATCA. In essence, the EU Directive gave us quite a number of insights into the legal framework. As a Law Firm specializing in International Tax, cross-border arrangements (“CBA”) are quite common concerns in our line of work. The hallmarks are defined quite broadly, which creates the need for a careful examination of each individual CBA. In order to be compliant with the law and to mitigate the risk of high penalties, a proper process is required.”
”TaxModel enabled us to securely implement the DAC6/MDR directive in Cyprus and to get clarity regarding the grey areas we had detected.
Mr. Marios PalesisPartner at Kinanis LLC
“We worked with our clients to inform and educate them, and eventually comply with the regulations. First, we wanted to be 100% sure about the implementation of the Directive in Cyprus and have clarity with regards to the grey areas we had detected. Up until now, Cyprus hasn‘t shared any specific guidance, but luckily other jurisdictions have published guidance and that helped us to create a bit more clarity. At this moment, we fully understand the content of the directive, the implications, and, of course, the actions we need to take.”
Approach
“Before TaxModel and DAC6pro, we explored several providers of DAC6/MDR compliance software. I believe that we spoke to two or three other providers and examined their solutions, before engaging with the TaxModel team. We also asked our friends and partner firms how they were handling the new requirements. We noticed that the other solutions were way too complex and had extremely high fees. Economically-viable solutions for an economically advanced and large country like Germany don‘t necessarily translate into a viable solution for a much smaller economy like that found here in Cyprus. We hope that providers will take that into account.”
“When discussing the solution with TaxModel, we were very carefully informed and guided by our TaxModel contacts. The pricing seemed fair, plus all the necessary features and functionalities we needed were incorporated in DAC6pro. After the initial discussions and a demonstration of the solution, we started with a free trial. Having the opportunity to start with a trial created a lot of confidence amongst all the relevant people in our company, as the trial went very well.”
”We had the opportunity to fully test the product (DAC6pro), and that gave us the reassurance we needed
Mrs. Christina PapaioannouSupervisor at Kinanis LLC
“When discussing the solution with TaxModel, we were very carefully informed and guided by our TaxModel contacts. The pricing seemed fair, plus all the necessary features and functionalities we needed were incorporated in DAC6pro. After the initial discussions and a demonstration of the solution, we started with a free trial. Having the opportunity to start with a trial created a lot of confidence amongst all the relevant people in our company, as the trial went very well.”
Onboarding
“Overall, I can say that we had a very pleasant experience during the entire journey, from the first approach to implementation.”
“What we have valued the most is the personal connection we have established with the TaxModel team and how they handled our issues and remarks properly and promptly. We usually don‘t need a lot of additional care, but we expect an adequate service when a certain high-priority issue occurs. We also expect our service providers to help us to their best abilities and keep us informed in a timely manner. I‘m extremely happy about our cooperation with TaxModel and the use of DAC6pro. We expected a straightforward solution to document our decisions, assessments, and reporting. We received way more than expected.”
Conclusion
“We‘ve been using DAC6pro for approx. five months now. The software is easy to use and it supports the user in managing their clients, arrangements, and assessments, and finally, it assists in the reporting of the arrangement. The solution also provides insights into deadlines and localized information throughout the process, which has been instrumental in helping us gain a proper understanding of the law.”
Mr. Marios Palesis, Partner at Kinanis LLC
Mrs. Christina Papaioannou, Supervisor at Kinanis LLC
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