Cyprus Internet Directory Jobs In Cyprus
  Cyprus Internet Directory Search       
Google Search
  
Cyprus Internet Directory Search
  
Cyprus Comming Events    Cyprus 
Events 
   
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 [ Government to take sting out of VAT hikes ]

Government to take sting out of VAT hikes

THE GOVERNMENT will offer the public compensatory measures to help meet the inevitable increases in land and diesel VAT, the Finance Minister announced yesterday.

Charilaos Stavrakis was referring to the increases that are set to take place in the second half of 2008 and which are part of Cyprus’ obligations to the EU.

VAT on land sales will be introduced at 15 per cent and will only apply to commercial transactions.

Consumption tax on diesel will increase to 5.5 cents per litre and in combination with other related duties, will reach 7 cents per litre.

To deal with this, Stavrakis said the government was examining the possibility of compensating land VAT increases by returning the transitional duties to the buyer. Similarly, diesel increases could be counterbalanced by reducing the cost of road tax.

The minister announced the government’s intentions to the House Communications Committee yesterday, where he also informed deputies on the current state of the economy.

In general terms, Stavrakis said the state’s income was showing an increased slow-down.

Pointing out that Cyprus had a duty towards the EU to have a 0.5 per cent surplus at the end of this year and a 0.7 per cent surplus in 2009, the minister said there was an increase in inflexible expenditures every year that reach 80 per cent of the state’s expenditures, leaving 20 per cent for developmental expenses. “In view of the reduction in state income, the only choice is to reduce developmental expenditures,” he explained.

Stavrakis also pointed out that public finances were going to experience a further €4 million setback – the cost of transporting water from Greece due to the on-going drought. He said these costs were not going to be transferred to consumers, while the state’s income from VAT and income tax was set to reduce due to the energy crisis.

Concluding, the minister said he would start meeting with the political parties to discuss developments in the economy and evaluate the feedback.

The Chairman of the House Commerce Committee, Lefteris Christoforou of DISY, said the new increase in fuel consumption tax, coupled with the VAT and KODAP (the Cyprus Organisation for the Management of Oil Reserves) fee, will lead to a full 7 cents per litre increase, which will “undermine the Cyprus economy and make the oil costs unbearable”.

He added that this would have a chain reaction of effects on the economy and society, and called on the Finance Ministry to ask the EU for a postponement or exemption from the decision. “And we want a survey submitted of the consequences and measures that will be taken so that the public does not absorb the cost again,” said Christoforou.






(Source: Cyprus Mail)



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.