Cyprus Internet Directory Jobs In Cyprus
  Cyprus Internet Directory Search       
Google Search
Cyprus Internet Directory Search
Cyprus Comming Events    Cyprus 
Cyprus News Articles    Cyprus News 
and Articles
Cyprus Guide    e Guide
to Cyprus
Quick Links

By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
Read More

SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
Read More

By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
Read More

Cyprus Internet Directory [ Seychelles sees return to growth, eyes tax reforms ]

Seychelles sees return to growth, eyes tax reforms

Seychelles sees return to growth, eyes tax reforms
November 30, 2009

Seychelles will modify its taxes to bolster revenue and curb public spending next year to support a return to growth for its heavily indebted economy, the finance minister said in his budget speech on Monday.

Danny Faure said year-on-year inflation would plummet to 2 percent on the import-dependent Indian Ocean archipelago after peaking at 63.6 percent last December following reforms to liberalise the economy.

"Real GDP growth is projected to recover to 4 percent in 2010 and to 5 percent in 2011-12, while inflation is expected to remain in the low single digits," the minister told parliament.

"I am pleased to report that when inflation data is released within the next two weeks we expect it to be around only 2 per cent year on year."

He said the government would start revamping the tax structure in January 2010.

"New tax thresholds will be set and rates of Business tax will be reduced, with the top marginal rate of 40 percent being lowered to a rate of 33 percent," he told parliamentarians.

Faure added a flat-rate income tax of 18.75 percent would replace social security fund contributions as of July 2010. This rate will be reduced to 15 percent as of January 2011.

Africa analysts said the measures were a step in the right direction. "This should help to put the fiscal finances on a sustainable footing," Lisa Lewin, head of Sub-Saharan Africa at Business Monitor International told Reuters.

Faure said the roughly $900 million economy was gradually stabilising following last November's reform package which lifted exchange rate controls, slashed fiscal spending and overhauled monetary policy.

The tourism and fisheries-driven economy is expected to contract by 7.5 percent this year, the IMF forecasted. [ID:nL2306527]

Analysts say the archipelago's default on an interest payment on bonds worth $230 million in October 2008 has dealt a massive blow to investor confidence.

Total external debt topped $800 million at the beginning of 2009 before the Paris Club cancelled debt worth nearly $70 million in April.

"It will take time for confidence to return, in spite of the marked turnaround in policy seen over the past year," Lewin said.

Faure said a successful external debt restructuring would improve the country's sovereign rating and boost foreign direct investment.

The minister said visitor arrival numbers would be down 2-3 percent this year on 2008 but would see a 5-6 percent pick up next year with revenues bolstered.

"The external current account deficit is expected to widen again in 2010, due to higher growth and FDI, but will narrow over the medium-term as tourism earnings recover," Faure said.

"Foreign exchange reserves are projected to rise gradually to nearly three months of import coverage by end 2012."

(Source: Financial Mirror,

Article Options

Email to a friend Email To A Friend     Print Article Print Article     Add Article To Favorites Add Article To Favorites


Other Related Articles

Cyprus News Article Submission

If you have an article and you wish to submit it to our database please send us an email. In your email subject quote "Article Submission" and attach the article to the email. To email us Click Here

Cyprus Holiday Villas-Investment Properties

A wide range of holiday villas, investment properties, building plots and apartments in Cyprus for sale by owner. Save money on your holiday villa in Cyprus and enjoy the holiday feeling for ever.