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Cypriot Finance Minister Announces 2009 Budget,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, December 09, 2008
Cypriot Finance Minister Charilaos Stavrakis presented his budget for 2009
last Thursday for what he described as a "difficult year" ahead.
Stavrakis said: “The 2009 budget will be socially sensible, highly developmental
and balanced.” It contains a massive 26% increase on last year’s
public expenditure, amounting to “the biggest social spending increase in ten years,”
he added.
Development spending will also increase, with EUR1.09bn earmarked for
30 major development projects in Cyprus, a 15.5%
increase in funding compared to last year.
The Finance Minister underlined that the Cypriot tax system would not undergo
review at this point and all taxes will stay the same for the time being, apart
from those necessitated by the European Union.
Stavrakis said that income raised from income tax, corporate tax and capital
gains tax in 2009 is likely to contract by 3.1% while revenues generated from
VAT, import taxes and consumption taxes are estimated to grow by 7% when compared
with 2008.
Stavrakis expects slower growth in 2009 but he nevertheless intends to reduce national debt from 60% of gross domestic product in 2008 to 45% in 2009.
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