The main issues that dominate today’s inancial press are the estimates of the Economic Research Unit of the University of Cyprus about tax reform and the statements of Capital Market’s president and head of Investors Associate about corporate governance.
The “Economy” inset of newspaper “Phileleftheros” refers to the estimates of ERU about tax reform. The newspaper under the title “Tax Reform: it is on the right track”, mentions that ERU estimates that tax’s shifting from income to consumption reduces tax evasion and distortions, while, the increases of the specific tax in cigarettes and alcohol aim to protect health, society and environment.
The newspaper also highlights that wealthy people that evade tax will suffer most by this tax reform, as they will pay for VAT and other consumption tax increases without being benefited by the reduction of income tax. ERU believes that wealthy people’s income increases are as large as other people’s increases. Then, this tax reform has several weak points, which are as follows:
- Children allowance should not be related to other income criteria, so that “poverty traps” and tax evaders’ rewarding are avoided.
- Children allowance should be more generous so that it reflects the real cost of a child in a poor family
- Contributions related to wages have negative effect in economy’s competitiveness.
- Tax reform is insufficient as far as environmental protection is concerned.
Elsewhere, the newspaper mentions that the Minister of Finance, Takis Klerides, accompanied by CSE’s president, Paul Savvides, visited Wall Street and had talks with the vice-president and the public relations Manager of New York Stock Exchange.
The “Economy” inset of newspaper “Simerini” under the title “Listed companies’ bet about corporate governance” quotes the statements of Corporate Governance, SEC’s president, Marios Klerides and Pancyprian Association of Securities Investors’ (PASEHA) president, Demetris Hadjipapas. Mr. Klerides believes that the Code will challenge listed companies to change their attitude towards administration and directors, and he added that “these companies need to act as listed companies. They need to change their attitude”. The challenge for PASEHA’s president is great, as Corporate Governance Code right application “will result in companies’ improvement and long-term wealth for their investors.
Elsewhere, the newspaper refers to the agreement between Cyprus chamber of Commerce and Industry and Moldavia’s chamber.
The newspaper “Alithia” mentions that the Parliamentary Committee of Finance will recommend the hastening of the hiring process of two helicopters, needed for fire-brigade actions.
The “Economy” inset of newspaper “Phileleftheros” refers to the estimates of ERU about tax reform. The newspaper under the title “Tax Reform: it is on the right track”, mentions that ERU estimates that tax’s shifting from income to consumption reduces tax evasion and distortions, while, the increases of the specific tax in cigarettes and alcohol aim to protect health, society and environment.
The newspaper also highlights that wealthy people that evade tax will suffer most by this tax reform, as they will pay for VAT and other consumption tax increases without being benefited by the reduction of income tax. ERU believes that wealthy people’s income increases are as large as other people’s increases. Then, this tax reform has several weak points, which are as follows:
- Children allowance should not be related to other income criteria, so that “poverty traps” and tax evaders’ rewarding are avoided.
- Children allowance should be more generous so that it reflects the real cost of a child in a poor family
- Contributions related to wages have negative effect in economy’s competitiveness.
- Tax reform is insufficient as far as environmental protection is concerned.
Elsewhere, the newspaper mentions that the Minister of Finance, Takis Klerides, accompanied by CSE’s president, Paul Savvides, visited Wall Street and had talks with the vice-president and the public relations Manager of New York Stock Exchange.
The “Economy” inset of newspaper “Simerini” under the title “Listed companies’ bet about corporate governance” quotes the statements of Corporate Governance, SEC’s president, Marios Klerides and Pancyprian Association of Securities Investors’ (PASEHA) president, Demetris Hadjipapas. Mr. Klerides believes that the Code will challenge listed companies to change their attitude towards administration and directors, and he added that “these companies need to act as listed companies. They need to change their attitude”. The challenge for PASEHA’s president is great, as Corporate Governance Code right application “will result in companies’ improvement and long-term wealth for their investors.
Elsewhere, the newspaper refers to the agreement between Cyprus chamber of Commerce and Industry and Moldavia’s chamber.
The newspaper “Alithia” mentions that the Parliamentary Committee of Finance will recommend the hastening of the hiring process of two helicopters, needed for fire-brigade actions.
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