Who is the new Deputy Minister of Research & Innovation

As was recently announced, the new Deputy Minister of Research, Innovation and Digital Policy is Philippos Hadjizacharias.

Hadjizacharias is the managing partner of the consulting and audit firm PHS & Partners. He is based in Larnaca, Cyprus. He is married to Sandra and they have three children. He was born in 1975.

According to publicly available information, Hadjizacharias has extensive experience in corporate and individual tax matters, particularly in the area of international tax planning.

The new deputy minister’s website notes that he routinely advises clients with regard to a number of matters, including Cyprus tax aspects of corporate structuring, mergers and acquisitions, restructuring, joint ventures and cross-border transactions.

He is a fellow member of the Association of Chartered Certified Accountants UK (FCCA), a member of the Institute of Certified Public Accountants Cyprus (ICPAC), a member of the Board of Directors of American-Cyprus Business Association (Am-Cy) and the Association of Accounting Technicians UK (MAAT).

He is a Chartered Certified Accountant and has a MA in Taxation from the University of London’s Institute of Advanced Legal Studies. He has a bachelor of Arts with Honours in Accountancy from Birmingham University.

In his professional capacity, Hadjizacharias has represented clients on tax matters involving acquisition and post-acquisition restructuring, re-domiciliation and registration of overseas groups of companies in Cyprus, tax disputes with tax authorities, reorganisation of multinational companies, cross-border activities, as well as intra-group financing arrangements.

He also did work with IT and technology companies that have relocated to the island. Newspaper sources described the new deputy minister as a “hard-working entrepreneur” and a “fast learner who places great emphasis on building successful teams”.

Some of his books and tax articles include Taxing Multinationals in a post-BEPS environment from a Cyprus perspective, the rationale for the proposed privatisation of Cyprus Airways, as well as treatment of Corporate Income, where derived, corporate net worth tax (a form of wealth taxation) acts a supplement to the corporate income tax.

In the past, he was a guest lecturer at various universities and television panels, providing insight and opinion on an array of business, tax and audit issues.

Hadjizacharias’ previous partners and collaborators describe him as “an expert auditor”, a “valued professional with deep knowledge in his field”, “a reliable and prudent individual”, as well as a “target-oriented professional”.

The Deputy Ministry is one of the most important and difficult tasks for the future of Cyprus, so the minister will need luck and goodwill to succeed.