Cyprus employers hoping for support measures for businesses

The Employers and Industrialists Federation (Oev) this week released a statement welcoming the new support measures for Cypriot households, while at the same time expressing “hope for the prompt formulation and announcement of a clearly-defined support package for businesses“.

In its statement regarding household support measures, the federation said that “by preserving citizens’ purchasing power, we can maintain a high growth rate, while social cohesion is also strengthened”.

“Measures that are timely, targeted, and temporary, aiming to support population groups disproportionately affected in challenging times, are effective and have a multiplier effect,” it added.

The federation said that it “particularly commended the abolition of the annual €350 corporate levy and said that it is actively engaged in intensive, productive collaboration with the president and his economic team, with the hope that a dedicated business support package will soon be formulated and announced”.

The statement underscored “that a number of tax burdens imposed on businesses during the 2011-2013 crisis continue to be in effect, negatively impacting the competitiveness of Cypriot enterprises“.

“While all other burdens imposed during the same crisis have long been lifted, returning to pre-crisis conditions, certain tax impositions persist,” it added.

The federation also said that “a series of proposals, for which we expect a prompt response, aimed at improving the competitiveness of Cypriot businesses, have been submitted to the president in recent days”.

It should be noted that the Cyprus Chamber of Commerce and Industry (Keve) has also welcomed the government’s support measures.