29/09/2003 10:29
Cypriot taxpayers are burdened with the amount of £65 million per annum for the public aids granted by the state to a number of enterprises. According to the Pre-Accession Economic program, the harmonization in the sector of public aid will not relieve taxpayers, since government will replace the non permissible aids with the permissible.
Although 92 of 203 cases were not in line with the Public Aid Law, this has not changed the picture of the public finances, since the items granted annually to public aids remain the same. According to the PEP, the amount granted annually is 1.1% of the Cyprus GDP, excluding aids in the sectors of agriculture, stock farming and fishing.
Pursuant to the latest figures, two thirds of the public aids (£44mln) are spent for the strengthening of certain sectors of the Cyprus economy. From the £44mln, £18mln concern the Mass Media sector (benefactions to CyBC, Cyprus Theatre Organization, CAN, exemption of newspapers from custom duties etc), while £8mln are destined for the strengthening of the transport sector. It is noted that £2.1mln of that concern air transport. An official from the Office of the Commissioner for Public Aid told StockWatch that the aid in the sector of air transport concerns mostly Cyprus Airways.
One third of the public aid concerns the achievement of the horizontal aims. Specifically, most items are spent for the achievement of horizontal aims in the Small-Medium Enterprises, which receive £14 million. The amount of £3.1 million is destined for the education of the human resource and £2 million for trading.
Last August, the Office of the Commissioner for Public Aid submitted to the European Commission the Review on the Public Aids for 2002. Responding on the question whether there is a list of companies that receive public aids, the official told StockWatch that there is not, since these are thousands.
Although 92 of 203 cases were not in line with the Public Aid Law, this has not changed the picture of the public finances, since the items granted annually to public aids remain the same. According to the PEP, the amount granted annually is 1.1% of the Cyprus GDP, excluding aids in the sectors of agriculture, stock farming and fishing.
Pursuant to the latest figures, two thirds of the public aids (£44mln) are spent for the strengthening of certain sectors of the Cyprus economy. From the £44mln, £18mln concern the Mass Media sector (benefactions to CyBC, Cyprus Theatre Organization, CAN, exemption of newspapers from custom duties etc), while £8mln are destined for the strengthening of the transport sector. It is noted that £2.1mln of that concern air transport. An official from the Office of the Commissioner for Public Aid told StockWatch that the aid in the sector of air transport concerns mostly Cyprus Airways.
One third of the public aid concerns the achievement of the horizontal aims. Specifically, most items are spent for the achievement of horizontal aims in the Small-Medium Enterprises, which receive £14 million. The amount of £3.1 million is destined for the education of the human resource and £2 million for trading.
Last August, the Office of the Commissioner for Public Aid submitted to the European Commission the Review on the Public Aids for 2002. Responding on the question whether there is a list of companies that receive public aids, the official told StockWatch that there is not, since these are thousands.
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