Insider Business Revenue of €53.4 million for KPMG Cyprus

Revenue of €53.4 million for KPMG Cyprus

KPMG Cyprus results covering the financial year to September 2018 are on the positive side with total revenues rising to about €53.4 million, recording an increase of 8% compared to the same period the year before.

A rapid increase in the demand of advisory services was recorded amounting to €9.8 million and marking an increase of 28.1% on an annual basis. A significant revenue increase of 14.9% was recorded in the tax services, amounting to €10.1 million. At the same time, the main revenue source of the firm – audit services – amounted to €33.4 million, marking a 1.5% increase in revenue.

The results of the firm reflect what Christos Vasiliou who is the Managing Director of KPMG in Cyprus told INSIDER magazine in a recent interview.

He had said that a sharp increase in the provision of advisory and tax services was recorded over recent years and this trend is expected to continue.

The company’s total contributions and taxes to the state amounted to €17.2 million in 2018 compared to €15.6 million the year before.

At the same time, the administrative and managerial structure of KPMG Cyprus changed early in 2019 with Vasiliou and Michalis Antoniades assuming the positions of Managing Director and Chairman, respectively.

Vasiliou, who welcomed the 2018 results, sent the message that these were achieved within a highly challenging environment because of  increased supervision, the enforcement of the law on rotating auditors at specific companies and the need for more rigorous risk management procedures.

KPMG Cyprus operates out of six offices across the island and currently employs 925 personnel. The company has 45 partners today.

Read more:

https://in-cyprus.com/taxation-cyprus-exceeded-requirements/

Top Stories

Meghan loses latest court battle with UK tabloid newspaper

Meghan, Britain's Duchess of Sussex, has lost the latest skirmish in her privacy lawsuit against a tabloid newspaper, after London's High Court ruled on...

Armenia’s defence ministry says warplane shot down by Turkish F-16 fighter jet

A Turkish F-16 fighter jet shot down an Armenian SU-25 warplane over Armenian territory on Tuesday, killing the pilot, an Armenian defence ministry spokeswoman...

Greek, Italian and French officials to hold talks with Petrides during visits

Greek Minister of National Defence Nikos Panagiotopoulos, accompanied by the Chief of the Hellenic National Defence General Staff Konstantinos Floros, Chief of Defence Staff...

Employers – clients determine working time of 74% of workforce in Cyprus

In 2019, the employer, organisation or clients mainly decided on the working time of almost 118 million of the 194 million employed people aged...

Syllouris expresses solidarity and support to the Armenian people

Cyprus House President Demetris Syllouris expressed feelings of sincere solidarity and fraternal support to the Armenian people during a telephone conversation he had on...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...