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Few Surprises In 2009 Cyprus Budget,
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, September 18, 2008
Despite projecting a budget surplus for the third consecutive year in 2009,
Cyprus's Finance Minister Charilaos Stavrakis has decided against providing
tax relief in the government's latest budget.
Announcing a 'steady-as-she-goes' budget this week, which was
approved by the cabinet on Wednesday, Stavrakis said that the government remains
committed to its goal of maintaining a fiscal surplus, expected to reach 0.7% of GDP in 2009.
Compared to some of its partners in the eurozone, the Cypriot economy remains
relatively robust thanks in large part to the strength of the business and financial
services sectors. However, Stavrakis cautioned against any rash budgetary moves
mindful of the fact that the global economic situation is more sensitive. Fiscal
discipline, therefore, seems to be uppermost in the government's thinking,
at least in the short-term.
While the government sees no need to raise taxes, the revenue base will be
strengthened through efforts to bolster the government's capacity to collect
taxes, Stavrakis announced.
The 2009 budget assumes revenues of EUR6.37bn (USD5.36bn), a 4.7% increase
since the 2008 budget, but Stavrakis warned that a sharp fall in domestic consumption
will lead to falling value-added tax revenues.
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