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Cyprus News Agency: News in English, 09-12-29

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    Minister of Finance Charilaos Stavrakis presented the proposals of his Ministry, which aim at securing 500 million EUR for the state, a sum that will constrain the public deficit at around 3%, compared to European Commission projections for 5.8% in 2010 and 6% in 2011.

    Stavrakis, who presented the proposals to the political parties and the social partners, said his main aim was to avert a possible degradation of Cyprus` economy and the vicious circle that will be created in the case of an incontrollable increase of the public debt.

    He said the package of measures would have to be implemented as a whole and noted that income from combating tax evasion was estimated at 100 million EUR, while it was calculated that town planning amnesty would bring in about 150 million EUR over the next two years.

    The proposals include reevaluating the tax system for immovable assets, which would bring in up to 100 million EUR. Stavrakis explained that this tax would not affect entrepreneurship or foreign investors, and would lead to a drop in the price of land.

    Stavrakis also said that in 1990, there were 33,000 civil servants and in 2009, they had risen to 51,000, with the payroll costing a total of 2.24 billion EUR in 2009. He noted that the aim was to reduce the number of state employees by stalling the creation of new positions for two years, halting the employment of part-time workers, and removing full-time positions that are vacated.

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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