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| Cyprus Unveils Fiscal Stability Plan |
by Lorys Charalambous, Tax-News.com, Cyprus
Monday, April 12, 2010
The Cypriot government has announced a fiscal stability plan that will put government
finances back on a sustainable path, and gear the economy towards recovery.
The plan will increase the value-added tax rate on previously zero-rated goods,
namely pharmaceuticals and certain food items, to 5% by 2011. The standard rate of VAT in Cyprus is 15%. The fiscal plan will also step up the fight against
tax evasion, and reduce government spending through efficiency savings and public
sector wage cuts. As part of the plan, state payroll and the salaries of state
officials will be cut by 10%.
Explaining the government’s rationale, Cyprus’s Finance Minister,
Charilaos Stavrakis said that the government’s preference was to curtail
spending rather than increase tax.
Under the plan, the Cypriot deficit will be brought within the EU guideline of
3% of gross domestic product (GDP) by 2013, from 6% currently. Growth of 0.5% is expected in Cyprus during
2010, ramping up to 3% of GDP in 2013.
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