Professional Activity

Projects completed

• Performing an audit for a large coal company in the UAE
  As part of the project, I was responsible for preparing IFRS financial statements, supporting the annual audit, and submitting financial statements and tax returns to the UAE regulatory bodies. The project’s primary challenges stemmed from the specific nature of the coal business: significant inventory volumes, multi-stage logistics, extensive supply chains, complexities regarding the timing of revenue recognition, and a vast volume of source documentation, including records of movement and delivery of goods. During the audit, the auditors conducted a detailed analysis of material business transactions. I prepared comprehensive explanations regarding accounting practices and revenue recognition and compiled supporting documentation to substantiate the figures presented in the financial statements. As a consequence, the audit was successfully completed, resulting in an unqualified audit opinion. Any issues identified were immaterial and did not affect the accuracy of the financial statements. Both financial statements and tax returns were prepared and submitted on time to the relevant free zone authorities and the UAE tax office.
• Making an offshore tax claim for a Hong Kong company
  In this project, I independently handled a tax audit looking into the company’s eligibility for the offshore tax regime and the exemption of the relevant profits from Hong Kong tax. The key challenge was to provide documentary proof of the nature of trading operations and confirm that the profit-generating activities took place outside Hong Kong. The Inland Revenue Department did an in-depth review of specific transactions, asking for information on counterparties, contractual documentation, and proof of the actual movement of goods, as well as details regarding the location of the office and staff conducting the company’s core operations. The audit was done in several stages and involved additional inquiries from the IRD. I prepared reasoned responses to all of the inspector’s requests and compiled evidence that shipments were made directly from suppliers to end customers in Kyrgyzstan and Uzbekistan, without the goods ever entering Hong Kong. As a result of the audit, the Inland Revenue Department agreed with the provided proof, and the company’s offshore tax claim was satisfied. The company retained its Hong Kong tax exemption of profits, thereby avoiding potential additional tax assessments.
• Assisting in a voluntary liquidation of a Cyprus company
  The shareholders of a Cyprus company decided to cease operations. The project required organizing the liquidation process in such a way that would take into account the company’s asset structure and the shareholders’ interests. A key aspect of the project was that the standard strike-off option was unsuitable, as the shareholders intended to distribute liquidation proceeds. Consequently, a more complex and time-consuming voluntary liquidation was proposed to ensure the proper winding-up of the company’s activities and the distribution of its assets. I provided comprehensive support throughout the liquidation process, coordinating interactions with all parties involved, overseeing the preparation of necessary documentation, ensuring compliance with established procedures and making of timely filings with Cyprus authorities. As a result, the voluntary liquidation was successfully completed, and the company was dissolved. This comprehensive support and coordination at all stages helped minimize the administrative burden on the client and finalize the procedure without him having to be constantly involved.
• Handling a tax audit in Cyprus
  A Cyprus company intended to redomicile to another jurisdiction. The project required managing the tax audit process and obtaining a Tax Clearance Certificate, essential for completing the redomiciliation. The main challenge involved a significant number of intra-group interest-free loans; these posed a risk of substantial additional assessments in the form of deemed interest and, consequently, the risk of increased corporate income tax liabilities. During the audit, I successfully defended the company’s right to apply a preferential rate to back-to-back loans, thereby significantly reducing potential tax liabilities. The tax audit concluded successfully, with the minimum additional tax bill. The company obtained the Tax Clearance Certificate required for it to relocate to another jurisdiction.
• Preparation of financial statements and tax returns in Spain
  A project for a major Spanish investment company required the preparation of financial statements, the calculation of tax liabilities, and the timely filing of the tax return – all within a tight timeframe. The project’s complexity stemmed from the large volume of source data; the company utilized numerous bank accounts and payment systems, producing a vast array of bank documentation and supporting materials to process. Time constraints posed an additional challenge, as the client engaged our services at a late stage, leaving limited time to prepare the financial statements and tax return. During the project, I organized the processing and analysis of the provided documentation, prepared the financial statements, calculated the tax liabilities, and ensured the tax return was filed by the deadline. Consequently, the financial statements and tax return were prepared and filed on time, the tax was paid punctually, and the company avoided any late filing or late payment penalties.
• Preparation of consolidated financial statements and support of a Big 4 audit for a major mining company
  A large international mining group comprising approximately 20 subsidiaries across Russia, China, and Europe. The group’s core business activities include extraction, processing, and sale of mineral resources. The project required me to transform the financial statements of group companies from local accounting standards to IFRS, prepare the holding company’s consolidated financial statements, and assist with an annual audit performed by the Big Four firms. Major challenges included the group’s scale and international structure, the need to account for industry-specific factors, and the requirement to ensure compliance with IFRS and auditor standards when drawing up consolidated statements. The engagement resulted in the timely preparation of consolidated financial statements and the successful completion of annual audits, including the resolution of complex accounting and reporting issues. The audits of the group produced clean audit opinions, predominantly unqualified or with only minor qualifications that did not affect the reliability of financial statements.
• Oversaw over 25 company liquidations in jurisdictions such as Hong Kong, Cyprus, the UK, the UAE, and others
• Completed over 250 engagements involving financial statements and audits in jurisdictions such as Cyprus, the UK, Hong Kong, Hungary, Malta, Spain, the Netherlands, the UAE, the BVI, Seychelles, Gibraltar, Bahrain, and others