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Franchise frenzy was having an i mpact on commercial property prices, the tax amnesty had raised CYP 25 mln fro state coffers and DISY was asking for a month’s extension, while Eurobank was chasing retail and consumer loans, the Financial Mirror reported in issue 597, on December 1, 2004.
Property prices in the heart of Nicosia are booming with franchise operators seeking prime locations in the Makarios-Santa Rosa triangle,
Offshore companies were grappling with red tape and delays that were hampering new business and revenue for Cyprus, while the Telethon raised CYP 120,000 for muscular dystrophy, the Cyprus Financial Mirror reported in issue 88, on December 7, 1994.
Grappling with government bureaucracy, inconsistent application of registrations and the ever occurring delays are among the issues facing offshore companies, according to the 30member Cyprus Offshore Enterprise Association as well as Ledra Street picking up. Starbucks was about to open its second outlet and the going rate for a premium location in the heart of the walled city was CYP 3 mln.
Thousands of Cypriots rushed to beat the December 5 deadline reporting undeclared income for 2002 and to qualify for a 5% flat tax, with official sources saying that more than CYP 500 mln in assets and accumulated wealth had been declared, netting the government CYP 25 mln in revenue. Those who submit declarations up to December 31 will pay a flat tax of 6.5% and after that all undeclared income will be taxed at 40% plus penalties and interest. Opposition DISY MP Maria Kyriakou called for an extension, while the whose president John Connell referred to cases of interrupted phone calls and paying VAT on a pet dog.
The Muscular Dystrophy Research Trust and the Lions Clubs of Cyprus raised CYP 120,000 during the 3-day Telethon 94 that coincided with similar events throughout Europe. Trust Chairman Michael Zampelas and Patron First Lady Lila Clerides, were accompanied on stage by TV celebrity host Roula Koromila and musicians Stefanos Korkolis and Michalis Violaris. The Cyprus funds will help the work of the Cyprus Institute of Neurology and Genetics.
The Cyprus Stock Exchange Council, whose term was renewed for another three months, has repeated calls for dialogue and urged all those with reservations about the new regulations to come forward and air their differences, said its government estimates mln.
collect CYP 35 to 50
EFG Eurobank Ergasias, the third largest and fastest expanding Greek bank is chasing retail loans with its Euro Line credit facility through local retailers selling mostly electronic and consumer goods. Already, a deal has been struck with Germanos.
The government voted in favour of troubled Cyprus Airways continuing its operations and proceeding with a strategic plan to cut costs and save the airline. The company needed CYP 25 mln in concessions from the trade unions in order to survive.
The budget deficit is expected to fall to 3.6% of GDP in 2004, compared with an initial estimate of 6.3% according to the Economist Intelligence Unit. president Dinos Papadopoulos.
For the first time in eight years the construction sector saw a negative growth of -4.2% in 1993m, compared to a growth rate of 4.9% in 1992 and 4.7% in 1991. The reason is the decreasing demand for tourist and commercial projects.
A high-level delegation from the European Investment Bank will be in Cyprus to sign two loan agreements worth a total ECU 29 mln. The first is ECU 17 mln (CYP 10 mln) for water projects in Nicosia and Larnaca, and the second is a ECU 12 mln (CYP 7 mln) deal with the Cyprus Development Bank to help the manufacturing sector.
Gilles Anouil has arrived to take up his appointment as Head of the European Commissions Delegation to Cyprus, replacing Jean Pierre Derisbourg.