Our economy is improving, Finance Minister says

Last year’s 6% increase in VAT revenue and the positive trend recorded for 2017, is a reflection of the improvement in our economy, Finance Minister Haris Georgiades has said, addressing the first VAT Forum held in Cyprus, the “Limassol VAT Forum”.

Georgiades described the VAT Forum as an important initiative and said that VAT is the most important source of public revenue.

“For example, the fact that last year we had a significant increase in VAT revenue by 6%, without an increase in the VAT rate, and the fact that a positive course is recorded this year constitute a reflection of the improvement of our economy”, the Minister said.

He stressed that the government is monitoring developments on VAT especially on European level adding that this is the significance of this high level VAT Forum.

Invited to comment on the fact that Cyprus has one of the lowest VAT rates in Europe, the Minister said that it is the government’s intention to keep its VAT rates low and thus competitive.

Source: Cyprus News Agency