03/12/2003 14:57
Chairman of the Council of Experts, Alexis Galanos said on Wednesday that the government’s proposal for the simultaneous promotion of the tax amnesty and the partial lifting of the banking secrecy is a “blatant fiscal contradiction” and criticized the Finance Ministry for “not requesting the opinion of the Council for this critical issue”.
Speaking at a “MegaTV” programme, Mr. Galanos requested explanation on the government’s reasoning to take this decision and recommended that the proposal on tax amnesty must entail a low tax rate of 3 – 5% (against 6 – 8%). Mr. Galanos also recommended that a decision should be taken the soonest possible to avoid the transfer of capital abroad, which may be used for the support of the Cyprus economy and the exchange rate.
The government’s intention to lift the banking secrecy for tax control reasons has also aroused strong reaction on the CCCI (Cyprus Chamber of Commerce and Industry) and OEB (Employers and Industrialists Federation), who have expressed their disapproval through the issue of announcements.
“The lifting of the banking secrecy might be dangerous for the Cyprus economy and will lead to the transfer of capital abroad”, CCCI announced. Similarly, OEB said that it is an obsolete measure that will undermine the island’s banking system.
The Finance Minister is expected to proceed to statements later this day.
Speaking at a “MegaTV” programme, Mr. Galanos requested explanation on the government’s reasoning to take this decision and recommended that the proposal on tax amnesty must entail a low tax rate of 3 – 5% (against 6 – 8%). Mr. Galanos also recommended that a decision should be taken the soonest possible to avoid the transfer of capital abroad, which may be used for the support of the Cyprus economy and the exchange rate.
The government’s intention to lift the banking secrecy for tax control reasons has also aroused strong reaction on the CCCI (Cyprus Chamber of Commerce and Industry) and OEB (Employers and Industrialists Federation), who have expressed their disapproval through the issue of announcements.
“The lifting of the banking secrecy might be dangerous for the Cyprus economy and will lead to the transfer of capital abroad”, CCCI announced. Similarly, OEB said that it is an obsolete measure that will undermine the island’s banking system.
The Finance Minister is expected to proceed to statements later this day.
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