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Cyprus News Agency: News in English, 07-09-17

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] CYPRUS EU - VAT FINANCE MINISTER
  • [02] AUSTRIA NATIONAL COUNCIL PRESIDENT CYPRUS
  • [03] INDIAN NAVAL SHIPS VISIT
  • [04] CHAMBER OF COMMERCE ESTONIA SWEDEN VISIT

  • [01] CYPRUS EU - VAT FINANCE MINISTER

    Cyprus, together with other EU partners, has asked for the postponement of VAT on the purchase of land, foodstuff and medication until mid 2008 or 1st January 2010, announced Finance Minister Michalis Sarris.

    He was speaking after the discussion at the House Finance Committee, of the six bills concerning the government`s new package of social cohesion measures, worth 111,4 million Cyprus pounds (approximately 170 million euros),

    The measures aim at increasing low pensions, provide extra financial assistance to vulnerable groups of the population, encourage the increase of the birth rate, reduce taxation and strengthen the protection of the environment.

    Sarris said that there is an effort underway, with other EU partners, to postpone our obligations to the EU for as long as we can, adding that we believe that we can secure the postponement of this new taxation until mid 2008.

    The new package of social cohesion measures includes the increase of low pensions with a total cost of 18,50 million pounds, providing extra assistance to vulnerable groups of the population, with another 17,85 million pounds and encouraging child birth, with a total expenditure of 15,90 million pounds.

    Sarris assured that if the measures proposed are approved by the House, the fiscal targets for 2007 and 2008 will remain unaffected.

    The public deficit for 2007 is not expected to exceed 1% of the Gross Domestic Product while the public debt will range at 61% of the GDP while in 2008, the GDP will be around 0.5% and the public debt at 53%, satisfying the EUs requirements.

    Our aim is to continue our macroeconomic stability and a prudent policy requires savings during times when the economy has an excellent performance to be able to handle potential hard times, thus securing the future of the next generations, the Finance Minister added.

    Many of the measures which do not require the approval of the House will become effective as of 1 October 2007, the Minister concluded.

    Cyprus, which became a member of the EU in 2004, is set to join the Eurozone on 1 January 2008.

    [02] AUSTRIA NATIONAL COUNCIL PRESIDENT CYPRUS

    President of Austrias National Council, Barbara Prammer, will pay an official visit to Cyprus.

    According to an official statement, Austrias ambassador in Nicosia, Eva Hager, informed Acting President and President of the House of Representatives Demetris Christofias that Prammer has accepted his invitation to pay an official visit to the island, as part of the framework to promote bilateral parliamentary relations between the two countries.

    Regarding developments on the Cyprus problem, the House leader expressed regret over the unsuccessful outcome of the 5th September meeting of President Tassos Papadopoulos and Turkish Cypriot leader Mehmet Ali Talat, due to the delaying tactics of the Turkish side, preventing any progress towards the implementation of the July 8 Agreement.

    Christofias described as significant the insistence of the five permanent members of the Security Council for the implementation of the July 8 Agreement, expressing the view that it can be a new starting point.

    [03] INDIAN NAVAL SHIPS VISIT

    Three Indian naval ships are visiting Larnaca Port from 15-20 20 September 2007. The ships are part of the 1wt Training Squadron Based at Kochi, India, under the aegis of the Indian Navy`s Southern Naval Command.

    The INS TARANGINI, the Indian Navy`s sole sail training ship, is the first commissioned ship in the Indian Navy to have circumnavigated the globe from 23 January 2003 to 25 April 2004. The INS SHARDUL is a landing ship tank. It is an auxiliary warship capable of transporting various kinds of combat equipment. The INS SUJATA, an offshore petrol vessel (OPV), was commissioned in the Indian Navy in November 1993.

    [04] CHAMBER OF COMMERCE ESTONIA SWEDEN VISIT

    A delegation of the Cyprus Chamber of Commerce and Industry will visit Estonia and Sweden aiming to promote Cyprus as an international centre for services.

    The delegation will hold business meetings in both countries and will address special seminars organized by the corresponsive chambers of Tallinn and Stockholm promoting Cyprus as an international services centre.


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