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Cyprus

State will try to facilitate troubled SMEs

Ionas Nicolaou

The government will look into whether it can help small and medium businesses survive by allowing them to pay overdue VAT and social insurance through instalments, Justice Minister Ionas Nicolaou said on Monday, but it will not suspend prosecutions across the board.
Speaking after a meeting with a delegation from the coalition of small businesses and self-employed individuals (SYMEA), Nicolaou said the administration’s approach was to help those in real need.
A universal suspension would be exploited by those who can make their payments to the state, Nicolaou said, and any help must be directed to those businesses and professionals who were viable.
SYMEA chairman Stavros Alambritis said they wanted hard-working honest people not to be dragged in court with the crime being their inability to meet their obligations at present.
They understand that the state must also receive its dues and that was why they were asking for their debt to be paid gradually to keep alive businesses that were still fighting.

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