16.05.2023
KEBE has proposed to the Minister of Finance to provide incentives for developers to significantly increase the supply of houses or apartments in Cyprus.
On the issue of rent increases, KEBE Vice President Andreas Dimitriadis told KYPE that after talking to some developers, it seems that if given some incentives, they will be able to deliver enough new apartments or houses in a short period of time, even after a year and a half. for renting out in Cyprus.
In addition, Mr. Dimitriadis mentioned that a few days ago, the KEBE Executive Committee held a meeting with the Minister of Finance, which discussed various issues affecting the business world, including lending and deposit rates, tax-related issues such as refunds funds and exemption from VAT in the desired sectors.
In terms of banking issues, they discussed that bank fees for money transfers and anti-money laundering checks are extremely high, amounting to almost 1% of the total.
Mr. Dimitriadis also said that they discussed various other issues related to loans from companies to managers, amounts collected by the Social Security Administration that are not recognized by the Tax Commissioner, and issues that are indirectly related to ATA, energy and increased energy costs.
“We expect that there will be a strategic plan on the part of the state and, in particular, the Ministry of Finance to attract foreign direct investment. All necessary measures will be taken to transform the economy as a whole, as well as the way the civil service is served, so that transactions between the private and public sectors are carried out electronically and in an automated way, so as not to waste time either on the part of individuals or the state.
Also an important issue for business is the adoption of the Investment Promotion Law so that urban planning permits can be obtained for both large and small projects in an expedited manner, so that such permits can be issued no later than a year later.”
Mr. Dimitriadis said that the issue of the modernization of justice was also raised and, in general, the changes that need to be made on the ground were raised in order for the state to work effectively and help the private sector to be active, both in Cyprus and abroad.
