Cyprus Parliament Still Waiting For Tax Reform Proposals

by Lorys Charalambous, Tax-News.com, Cyprus

26 October 2001

Cypriot President, Glafcos Clerides, has urged the Island's employers and trade unions to pull together in an effort to boost economic actitivity in the wake of the September 11 terrorist attacks in the US.

During a speech at the Annual General Meeting of the Employers Industrialists Federation, the President spoke of government's part in spurring the economy with plans to reform the tax system and said the government's slogan was 'development-stability-social justice.' He said the timing of the tax reform package was crucial and should be implemented as soon as possible to help the government meet the demands of the EU to harmonise taxation legislation and to kick-start the economy.

He added: 'Our economy has been affected, as all economies have, by the crisis caused by the barbaric terrorist attack. To reverse the negative climate all social climbers, especially the employers' organisations and the trade unions have to make a constructive contribution towards the government's efforts ... Our vision is to see Cyprus a fully-fledged member of the European Union.'

Members of Cyprus's House Finance Committee have told reporters that they are not to blame for any delays in the introduction of the tax reforms. House Finance Committee Chairman Markos Kyprianou has claimed that the government has not yet submitted any firm proposals on tax reform to Parliament. 'It is the government that is causing delays, not parliament,' he said.

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