The Executive Committee of the Cyprus Commerce and Industry Chamber appealed to the Finance Minister, Marcos Kyprianou, to take all the relevant measures to prevent the negative impacts on the island’s tourism, industry and small medium enterprises from the US military action against Iraq.

The Commerce Chamber submitted a number of proposals to the Minister concerning the Social Cohesion Fund, the technological upgrading, the tax credit for the Research and Development, the investment allowance on investments over the energy conservation, the abolition of import duties in raw materials and the pledging of property (from the government) for future expropriations.

The Chamber has also submitted its proposals with regard to the bill on the imposition of 5% of special contributions for defense on the profits made from the disposal of real estates, the bill on the abolition of tax exemption on compensations received on expropriations and the exploitation of the European programs.