Dr. George Pamboridis expressed the view that the professional services environment is increasingly shaped by taxation, compliance and transparency during the 10th Professional Services Conference presented by Bank of Cyprus.
In the context of a fireside discussion with the CEO of Deloitte Cyprus, Pieris Markou, he noted that “the tax environment and the tax framework have significantly influenced the shaping of professional services as we see them today,” adding that concepts such as “transparency, reporting, compliance and substance” now define the sector’s new form and will continue to shape it in the future.
At the same time, he referred to geopolitical developments and uncertainty, noting that unforeseen events highlight the need for better preparation and broader strategic thinking. As he stressed, Cyprus must strengthen its ability to attract and service large international businesses.
He placed particular emphasis on the issue of connectivity, stressing that no country can evolve into an international business hub without adequate infrastructure in transport and access. He also underlined the need to develop specialised services for specific categories of investors, citing as an example the provision of facilities for private aircraft and their crews, with the aim of enhancing the country’s attractiveness.
Referring to the regulatory framework, he noted that Cyprus must follow European requirements, while avoiding excessive tightening. As he pointed out, there is often a tendency to move from a more relaxed approach to an overly strict application of regulations, something that can act as a deterrent for businesses.
In conclusion, he emphasised the need for a more balanced and strategic approach that combines compliance with competitiveness, strengthening Cyprus’ position as a modern and reliable international business centre.
