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Next Previous 13 recommendations of OEB to PTA for tackling inflation
& nbsp & nbspInsider & nbsp; & nbsp;
OEB submitted its 13 suggestions for dealing with inflationary pressures in a letter from its President to the President of the Republic.
In his letter, Mr. Antoniou states that the Federation of Employers and Industrialists (OEB) considers it extremely important to take measures that are directly and effectively aimed at stopping the rapid rise in inflation and we welcome the Government's initiative to request direct input from Social Partners.
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He also notes that “it is universally accepted that the causes of strong inflationary pressures are exogenous and driven by the increase in production costs and especially the vertical increase in energy/fossil fuel costs and the unprecedented increase in raw material costs. and basic necessities and consumer goods. High inflation is clearly due to the increase in shipping costs of goods and materials due to congestion in ports due to lockdowns in China and the increase in international demand after the pandemic.
All of the above are beyond the control of the State of Cyprus and the market forces and the possibility of intervention with immediate results that will reduce inflation, is in fact very limited. However, the potential of the Government and the productive forces of the country may be greater to promote measures that will reduce the rate of inflation, will lead to its stabilization and gradual reduction. “
Review of sanctions in Russia
The most important of all the parameters that will contribute to the relief of the situation, says the president of OEB, may be the examination/re-examination of those of the EU sanctions that lead to the price rally and their adjustment in a way that, without reducing the desired pressure on Russia, the inflationary effects will be mitigated. In any case, new sanctions should be avoided, which will further aggravate the situation. Due to the sensitive political nature of this issue, it is not appropriate to further analyze it here. are the following:
1. Extension of the implementation period until the end of the year of the positive interventions of the Government that have already been implemented, namely the reduction of the VAT on electricity for household consumers from 19% to 10% and for the vulnerable groups to 5% and reduction of fuel tax.
2. With the constant increase in the price of imported fuels, the State benefits from increased revenues through VAT and the possibility of returning to consumers the additional revenues with a corresponding/equivalent reduction/adjustment of the imposed VAT on fuels should be studied.
3. Examining the possibility of imposing a reduced or even zero VAT rate on energy saving projects by businesses and households.
4. Acceleration of licensing procedures for the installation of photovoltaic systems.
5. Accelerate the announcement and implementation of all Sponsorship Plans of the Ministry of Energy, Trade and Industry.
6. Temporary abolition of “antidumping duties” on basic raw materials imported from third countries in order to reduce the cost of production/distribution of final products.
7. Imposition of a zero VAT rate on fresh milk and bread.
8. Supporting domestic livestock production with a commitment to keep prices at agreed levels.
9. Avoid channeling additional liquidity in the market (companies or employees) in any form and for any reason other than productive/development investments, as long as the current conditions are met and targeted temporary support of vulnerable groups with social protection measures.
10. Postponement of any planning (at national or European level) for the implementation of tax, tariff or other measures (eg introduction of green taxation, increase of corporate tax, etc.) that will burden the operating and/or labor costs of companies, the which will be passed on to the prices of products and services.
11. We consider it extremely important to promote, in cooperation with other EU member states, the creation of a European financial instrument for a uniform subsidization of electricity costs (with state absorption of increases), in line with the French precedent.
12. In the medium term, the implementation of all plans for energy production from RES and for the arrival of natural gas must be accelerated as never before.
13. Finally, through transnational agreements, larger stocks of basic goods and raw materials may need to be created to effectively manage future similar inflationary outcomes.