CYPRUS Law and Practice Contributed by: Thanasis Korfiotis, Loizos Papacharalambous, Eleni Korfiotis and Georgia Charalambous, Koushos Korfiotis Papacharalambous LLC
8. Accounting Rules and Issues 8.1 Legal Issues With Securitisation Accounting Rules No significant legal issues arise in Cyprus in con - nection with the accounting rules that apply to securitisations. 8.2 Dealing With Legal Issues Concerning how legal practitioners deal with such legal issues, please refer to 7.4 Other Tax- es and 7.5 Obtaining Legal Opinions .
In accordance with Law No 95(I)/2000 (the “VAT Law”), VAT is charged on (among other things) the delivery of services within Cyprus. Therefore, an SPE will be required to either charge, or be charged with, VAT for any services that it sup - plies or is the recipient of to the extent that the conditions for the imposition of tax under the VAT Law are satisfied. However, tailored tax advice is normally obtained by tax practitioners who are directly engaged by the issuer and/or the sponsor, as described in 2.1 Issuers and 2.2 Sponsors , respectively. 7.5 Obtaining Legal Opinions Legal practitioners do not give tax opinions for securitisation transactions in Cyprus.
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