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Next Previous Thoughts on increasing the tax-free allowance to €25,000 HOME • INSIDER • CYPRUS • Thoughts on increasing the tax-free allowance on €25,000
By Socrates Joachim
In the context of the effort made to relieve households, due to inflationary pressures and accuracy, one of the issues that the government is considering is that of increasing the tax-free amount, which, let's recall, is currently at €19,500. Regarding the matter, however, the Minister of Finance, Constantinos Petridis, had stated that despite the fact that Cyprus has one of the highest tax-free rates in the EU, the matter will be examined, adding, however, that the scope for its increase is not great. In his recent televised statements, the President of DISY and candidate for President of the Republic, Averof Neophytou, had stated that the tax-free allowance could only be increased for 2023 to €25,000, stressing that in this way households can save annually an amount close to €1,000. In the opinion of the column, this measure is correct, as the amount saved will be returned both to consumption and to public funds.
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Final announcements on the matter are not expected before the end of the year, since the government advisor is studying and examining some scenarios, which will be presented to the Ministry of Finance. Finally, let us mention that a proposal to abolish the annual fee of €350 that businesses currently pay to the Registrar of Companies is under study, with many chances of its implementation.
Deal for a hotel in Nicosia< /b>
The approval of the offer for the purchase of the hotel “RIMI Hotel”, in the Trypioti district, of the Municipality of Nicosia, was announced by Gordian Holdings on its website. This is a hotel located at the corner of Solonos Street and Aristokyprou Street, 150 meters from Eleftherias Square and 70 meters from Ledras Street. The hotel adjoins a pedestrian street (Laiki Geitonia) along its eastern border. It was renovated in 2000 and consists of ground floor, basement and three floors. The ground floor consists of a reception area, living room, restaurant, bar, kitchen, office and an inner courtyard, which has been converted into a warehouse. It has a total of 26 rooms on two floors. The property may qualify for new government incentives to revitalize Nicosia's inner walls.
€24m lost to illegal cigarettes
A significant increase in the consumption of illegal cigarettes in Cyprus was recorded in 2021, according to the results of the annual independent report by KPMG, carried out on behalf of Philip Morris International. At EU level, consumption of illegal cigarettes increased by 3.9% in 2021, reaching 35.5 billion cigarettes (1.3 billion more illegal cigarettes compared to 2020), with France recording a significant increase in the consumption of illegal cigarettes and to maintain the first position.
In more detail, according to the KPMG report:
Overall, in 2021 the EU member states lost €10.4 billion in revenue due to the illegal cigarette trade. The percentage of illegal cigarettes in the E.U. amounted to 8.1% of total cigarette consumption. The illegal market in the E.U. boosted mainly by counterfeit cigarettes, the consumption of which saw a 19% increase in 2021, reaching 12.3 billion cigarettes. The increase in the illegal cigarette market in Europe is largely due to the 33% rise in the consumption of counterfeit cigarettes in France.
According to the findings of the report on the illegal cigarette trade in Cyprus:
A total of 140 million illegal cigarettes were consumed in 2021. The percentage of illegal cigarettes amounted to 14.4% of the total consumption. The lost revenue for public funds in 2021 reaches 24 million euros.
Wages increased in 2022 but…
According to preliminary data from the Statistical Service, the average gross monthly remuneration of employees in the first quarter of 2022 is estimated at €2,019, compared to €1,891 in the first quarter of 2021, i.e. an increase of 6.8%. Seasonally adjusted average gross earnings in the first quarter of 2022 are estimated at €2,114 and compared to the fourth quarter of 2021 there is an increase of 1.0%. However, the increase is fictitious, as it should be recalled that during the first quarter of 2021, the Special Plans of the Ministry of Labor and Social Insurance were in place to deal with the pandemic, as a result of which the average gross monthly earnings were reduced.
< p>Renovations of hotels in Greece by Louis Plc
The Executive Chairman of Louis Plc Kostakis Loizou mentioned the significant investments for hotel renovations managed by the group in Greece. Specifically, during his speech at the annual general meeting of the company's shareholders, he mentioned that Louis plc is operating for the second year the five-star hotel unit Asterion Suites & Spa in Chania, Crete, while this year the operation of the completely new, also five-star, Once in Mykonos begins.
Additionally, according to Kostakis Loizou, extensive renovation and upgrade projects have been carried out at the Mykonos Theoxenia hotel, while a large-scale renovation is planned for next winter at the Louis Kerkyra Blue hotel in Corfu, one of the two privately owned hotels of the complex on the island. Finally, in terms of group results for the year ended 31 December 2021, Louis plc recorded an increase in turnover of 192.1% or €44.9 million, compared to €15.4 million in 2020. Consolidated net loss after tax in 2021 amounted to €30.3 million
Medical School in Limassol from Frederick University
Major investments in Limassol offering new Health Sciences degree programs and expanding its building facilities were announced this week by Frederick University, during the first of a series of graduation ceremonies for the 2021-22 academic year. The announcement was made during her greeting by the president of the University Council, Natassa Frederikou. As he mentioned, the new strategic planning of the University for the period 2022-2030 has as a key element the strengthening of the university in Limassol, with the development in the field of Health Sciences and in this context, the design of a Medical School, the only one based in Limassol, which is expected to be operational in the next three years.
5 star hotel and 2 towers in Larnaca
< p>The environmental authority gave the green light to Omicron Real Estate Ltd. for the construction and operation of two residential towers and a tourist development called “Staston Project” in the municipality of Larnaca. The project will consist of Tower A, 19 storeys and Tower B, 27 storeys, and a five-star hotel with 25 floors, 100.75 meters high. The towers will include a total of 97 apartments, cafes, shops, restaurants, a gym, a spa and two single underground car parks, with a capacity of 218 spaces. The hotel will have a capacity of 168 rooms and will include cafes, restaurants, bars, a gym, spa, staff areas, management and maintenance areas and two underground parking lots with a capacity of 133 spaces, eight of which are for the disabled. The proposed project is located at a distance of approximately 500 meters north of the core of the Larnaca municipality and at a distance of approximately 500 meters southwest of the port of Larnaca. At a distance of about 200 meters to the southeast is the marina.