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Press: VAT, profiteering and price hike in electricity

08/01/2004 09:28
The major issues in today’s financial press are the changes in the payment of the VAT as from May 1, 2004, the efforts on behalf of the political parties, the trade unions and the consumers to eliminate the phenomenon of profiteering in the Cyprus market and the price hike in electricity as from May 1, 2004.

The newspaper “Phileleftheros” under the title “A number of taxes after the accession” refers to a number of changes in the payment of the VAT after May 1, 2004, such as the country of payment of the VAT for vehicles and vessels and the abolition of the zero VAT in the delivery of non-bottled water, books, magazines and newspapers, children’s wear etc. The newspaper also refers to the phenomenon of profiteering.

The “Economy” inset of newspaper “Phileleftheros” under the title “No value for warrants” reports that a large number of warrants expire in 2004. According to the market data, the issue of warrants on behalf of the investors is not positive for the investing public.

The “Economy” inset of newspaper “Simerini” under the title “War against profiteering” highlights that the political parties and the trade unions have showed their decisiveness to eliminate the phenomenon of profiteering and the consequent price hike in certain products.

Elsewhere the newspaper reports that according to the Chairman of the House Finance Committee, Aristos Chrisostomou, there will be a regulation of the secret accounts in January.

The “Economic” inset of newspaper “Alithia” under the title “Increased VAT for certain products” refers to the announcement of the Finance Ministry on the changes in the payment of the VAT as from May 1, 2004.

The newspaper under the title “They expect Cyprus’ accession to increase electricity by 4%” reports that the Council of Ministers has decided to proceed to a price hike in electricity on May 1, 2004 and not in January.