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Press: Proposal for lump sum in installments

16/09/2014 07:25
The major issue in today’s financial press is today’s meeting of the Council of Ministers, which will discuss the taxation of the lump sum within the framework of the examination of the 2015 budget.

The newspaper “Phileleftheros” refers to the meeting of the Council of Ministers today, which will examine the scenarios of the Finance Minister for the taxation of the lump sum. As noted, among the scenarios is the allocation of the lump sum gradually, in five annual installments. The meeting might be postponed today to allow time for consultation before the strike on Friday.

The “Economy” inset of the newspaper refers to the meeting of the Council of Ministers today, which will discuss the budget for 2015. According to the report, the privatizations and the reform of the public service are among the issues reflected in the budget. Based on the updated memorandum for 2015, the primary deficit must be reduced to €258 million or 16% of GDP. For the period 2015-2018, the government committed to take additional measures equal to 4.7% of GDP.

Other headlines:

-Trade deficit at €1.6bn

-Information for 25 loans of Chlorakiotis and associated companies

-Cypriots travelled this year, more economically

-Unconstitutional key articles

The “Economy” inset of newspaper “Politis” refers to the meeting of the Council of Ministers today to examine the scenarios according to which the lump sum can remain untaxed. According to governmental sources, if the lump sum is not taxed, then it should be paid in installments, namely in five annual installments. If the amount continues to be paid once, then its taxation is still possible to ensure that the implementation of the EEE will be fiscally neutral.

“Politis’ also reports that the Archbishopric will make an investment of €7.5 billion with a Hungarian investor in Geroskipou, Paphos.

Other headlines:

-Petrides’ invitation to the parties – Reform of public service

-Banks on a waiting stance – HB close to decisions for its capital structure

-Delay is necessary – On first payment of age payment, Labour Ministry says

-Problems with third tour operator?

The newspaper “Simerini” refers to the file delivered to the police by the Cooperative Central Bank yesterday on the loans allocated to its former General Manager, Erotokritos Chlorakiotis. According to the report, this is the first file handed to the police, containing all data emerged from the investigations of the CCB on the loans granted to former officials. A file has also been prepared for former secretary of Strovolos Cooperative, Demetrakis Stavrou.

The “Economy” inset of the newspaper refers to the reasons explained by the President of the Republic for which he proceeded with the referral of the bills on the “operations of the credit institutions” and the “Central Bank Law”.

Other headlines:

-Battle in SC starts – Does the Parliament violate the principle of power separation?

-Of the 38k lowly-paid pensioners, only 22k submitted an application for EEE

-Trade deficit of Cyprus at €1.6bn

The newspaper “Haravgi” refers to the government’s thoughts for a plan B in the taxation of the lump sum. According to sources, the President of the Republic and the government are considering allocating the lump sum in five equal annual installments in order to save expenditure for the needs of the minimum guaranteed income.

The “Economy” inset of the newspaper reports that the vast majority of the lowly-paid pensioners will not be beneficiaries of the EEE because their pensions exceed €480. The issue was denounced yesterday by the chairman of House Labour Committee, Andreas Facondis, stressing that the reason for a mandatory submission of applications is to create a unified registry of recipients of social benefits.

Other headlines:

-Increase of 5.9%in tourist arrivals in Jan-Aug

-Strike without negotiations on Friday

-President – SYKALA meeting on October 6

-151m shares of HB on the CSE

The newspaper “Alithia” refers to the meeting of the Council of Ministers today to discuss the taxation of the lump sum. If a decision is taken, the Finance Minister will be authorized to get involved in a dialogue with the trade unions. Sources say that the taxation of the lump sum concerned the coverage of a gap from the implementation of the minimum guaranteed income. As noted, the government is examining the possibility of paying the lump sum in five annual installments.

The “Economy” inset of the newspaper refers to the investment of €7.5 billion of the Archbishopric with a Hungarian investor at Geroskipou in Paphos. As noted, the Hungarian investor wants the licensing to be achieved in 2015 so that works start immediately.

Other headlines:

-Tourism follows upward trend

-First cheques for EEE in late September 16, 2014

-Trade deficit of €1.6bn

-Compensations to cereal producers by the end of the week