15/04/2003 09:07
The “Economy” inset of newspaper “Phileleftheros” under the title “State revenues miscalculated” mentions that the state revenues are significantly reduced compared to the calculations of the tax reform and the State Budget for 2003 due to the VAT. This decline is not attributable, however, to the impact of the reduced income tax rate, as the increased state revenues due to the 15% increase of the VAT would cover reduced revenues from the income tax.
According to the Finance Ministry, the revenues from the VAT for the first quarter of 2003 hardly increased by 29.3%, although calculations reported an increase of 50% for the first half of 2003.
Elsewhere the newspaper reports that the negative performance of deposits is attributable to high inflation.
The “Economy” inset of newspaper “Simerini” under the title “Numbers raise concerns” highlights that the Central Bank considers to take the proper measures and develop its flexibility and adjustability. The Central Bank has announced all the relevant data with regard to inflation, balance of current accounts, unemployment, budget deficit, etc.
Elsewhere “Simerini” points out that the MPs have expressed their doubts with reference to commercial banks and their rights to present bank cheques via electronic media, instead of the original cheque.
The “Economic” inset of newspaper “Alithia” under the title “Restrained optimism for economy” refers to the meeting between the Finance Minister, Marcos Kyprianou and the CB Governor, Christodoulos Christodoulou to discuss the development and prospects of the Cyprus economy. Mr. Christodoulou has ruled out all possibilities for the depreciation of the Cyprus pound.
Elsewhere the inset reports that the collapse of the Hussein regime has affected positively the island’s tourist industry.
According to the Finance Ministry, the revenues from the VAT for the first quarter of 2003 hardly increased by 29.3%, although calculations reported an increase of 50% for the first half of 2003.
Elsewhere the newspaper reports that the negative performance of deposits is attributable to high inflation.
The “Economy” inset of newspaper “Simerini” under the title “Numbers raise concerns” highlights that the Central Bank considers to take the proper measures and develop its flexibility and adjustability. The Central Bank has announced all the relevant data with regard to inflation, balance of current accounts, unemployment, budget deficit, etc.
Elsewhere “Simerini” points out that the MPs have expressed their doubts with reference to commercial banks and their rights to present bank cheques via electronic media, instead of the original cheque.
The “Economic” inset of newspaper “Alithia” under the title “Restrained optimism for economy” refers to the meeting between the Finance Minister, Marcos Kyprianou and the CB Governor, Christodoulos Christodoulou to discuss the development and prospects of the Cyprus economy. Mr. Christodoulou has ruled out all possibilities for the depreciation of the Cyprus pound.
Elsewhere the inset reports that the collapse of the Hussein regime has affected positively the island’s tourist industry.
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