Off­shores un­der threat, Os­trich farm eyes ex­ports

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

Off­shores threat:

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.

Os­trich ex­ports:

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!)

Ho­tels

re­cover:

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.

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