Offshores under threat, Ostrich farm eyes exports
EU finance ministers have decided to coordinate and harmonise tax systems within the Union and could have an impact on the island’s offshore sector, while an ostrich breeder wants to expand the business and export up to CYP 10 mln worth a year, according to the issue 158, on April 17, 1996.
The EU tax harmonisation plan proposed by the Union’s finance minister could have a major impact on the Cyprus offshore services sector when accession negotiations get underway in 1997.
The aim, said Commissioner Mario Monti, was to stabilise tax revenues in EU member states, permit the smooth functioning of the single market and promote employment. Gross foreign earning from the sector in Cyprus rose 10% to CYP 162 mln, with offshore registrations reaching 23,000 and employing 2,170 locals.
ME Ostrich Farms of the Englezakis Group is inviting Cypriots to invest and buy their own ostriches in an effort to create a breeding business culture and for exports to reach CYP 10 mln, said general manager Savas Hadjiminas.
Growth at 5%:
In 1995, the Cyprus economy saw a growth rate of 5%, mostly in services, finance and insurance, real estate, and the wholesale and retail sectors, while tourism arrivals were also up, rising 3.8% to 2.69 mln visitors, according to the Dept. of Statistics. (Ed’s note: 20 years later, that number has not budged!)
The hotels and restaurants sector recovered from the 1993 decline of 11% and saw an increase of 14% in value in 1994, while its contribution to GDP rose from 9.1% in 1993 to 9.6%. Employment also increased by 4.1%, accounting for nearly 10% of the national workforce.