Insider Economy Cyprus employers call for six tax reliefs

Cyprus employers call for six tax reliefs

The Cyprus Employers and Industrialists Federation (OEB) is asking for six tax reliefs amounting to €500 million annually, according to General Director Michalis Antoniou.

He also told journalists at a working breakfast this week that the proposed tax reliefs will pave the way for state revenue to increase by €650 million within three years, as well as open about 9,000 new jobs.

The proposals are the following:

—The employers’ contribution to the Social Cohesion Fund to be abolished

—The employers’ contribution to the Redundant Employees Fund and to the Protection of Employees’ Rights Fund in the event of an employer’s insolvency to be reduced from 1.2% to 0.6%. The redundant employees fund’s reserve on December 31, 2018 stood at €447 million

—Resetting the tax rate for natural persons to 30%

—Reduction from 30% to 15% of the national defense contribution on interest rate of deposits

—Abolition of the mandatory company fee of €350 to the Official Registrar

—Abolition or reduction of the deemed dividend distribution.

At the same time, OEB’s board chairman George Petrou said that conditions are now mature enough for tax reliefs in return to payments to the island’s fledgling General Health Scheme (Gesy) and increased contributions to the Social Insurance Fund. Because this is how businesses can maintain their competitiveness.

He also said that, as far as the economy goes, OEB’s priorities are to maintain fiscal discipline with the aim of continually improving Cyprus’ credit rating and enhancing the Public–Private Partnership.


Read more:



Top Stories

Coronavirus decimates taxi industry in Cyprus

Taxi drivers in Cyprus see their livelihood evaporating as the holiday island is all but shut down to try to slow the spread of...

Another 212 booked for breaking stay at home decree

Another 212 people were booked for breaking the stay at home decree overnight, a police spokesman told CyBC radio on Wednesday morning. He added that...

Latest on the spread of the coronavirus around the world

Last update 01/04/2020 01:09 The U.S. government raced to build hundreds of makeshift hospitals to ease the strain on overwhelmed healthcare systems as the United...

Cloudy with sunny spells and local showers

Today will be cloudy with sunny spells with isolated showers or thunderstorms expected. Temperatures will reach 22 C inland and on the coast and 12...

Trump urges Florida to welcome cruise ship with deadly coronavirus outbreak

U.S. President Donald Trump on Tuesday urged Florida officials to open an Atlantic Coast port to a Dutch cruise ship stuck at sea with...


Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....