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The Parliamentary Finance and Budget Committee met today, Monday, February 14, 2022, and discussed the following matters:
1. a. The Value Added Tax (Amendment) Act, 2022.
(File No. 23.01.063.016-2022)
b. The Value Added Tax (Amendment) (No. 5) Law of 2019
(Proposal for a law by Mr. Stephanos Stefanou, Aristos Damianou and Andreas Kavkalias on behalf of the parliamentary group AKEL-Left-New Powers)
(File No. 23.02.060.060.139-2019)
The Committee continued the debate on the principle of the bill, which aims to amend the basic legislation so that the reduced rate of value added tax (VAT) of five per cent (5%), imposed on the supply or construction of a dwelling, covers the first 140 square metres of the dwelling with a maximum area of 200 square metres in the context of the exercise of social policy, as provided for in the European Union Directive on the common system of VAT, and the above-mentioned proposal for a law. The purpose of the draft law is to correct distortions and weaknesses in relation to the application of the reduced VAT rate of five per cent (5%) to the supply or construction of housing.
During the discussion, the Committee was informed by the Minister of Finance on individual issues concerning the government's actions to amend the relevant legislation in order to bring it into line with the European Directive on the application of a reduced VAT rate in the context of social policy.
The Minister of Finance, having taken into account the views expressed by members of the Committee, as well as stakeholders, accepted the introduction in the Bill of a transitional provision covering cases that have proceeded with the procedures for the purchase and construction of a dwelling under the provisions of the existing legislation. In addition, he stated that consideration would be given, in consultation with the relevant European authorities, to the possibility of increasing the envisaged buildable area and determining the maximum area for which a reduced VAT rate would be applied, as well as the possibility of setting a maximum value of the dwelling.
The discussion on the draft laws will continue at the next meeting of the Committee.
2. a. The Credit Facilities Purchase and Related Matters (Amendment) Act, 2021.
(File No. 23.01.062.079-2021)
b. The Real Property (Possession, Registration and Valuation) (Amendment) (No. 3) Act, 2021.
(File No. 23.01.062.080-2021)
The Committee continued consideration of the above bills, after deferring them to the full House, which seek to amend:
a. the Law on the Purchase of Credit Facilities and Related Matters, in order to establish a licensing and supervisory framework for credit facility management companies that allows such companies to access the banking data of the borrowers under their management, in compliance with the provisions of the General Data Protection Regulation, in order to assess their creditworthiness and provide them with viable restructuring solutions; and
b. the Real Property (Possession, Registration and Valuation) Law, so that the information that may be provided by the Director of the Department of Lands and Surveys to credit institutions, in accordance with the applicable legislation, may henceforth also be provided to a legal entity that either holds credit facilities or manages credit facilities under the provisions of the Credit Facilities Purchase and Related Matters Law.
In the context of the discussion and on the basis of what was discussed during the previous meetings of the Committee on the same issue, a new revised text of the first draft bill was submitted by the competent ministry in an attempt to find a consensual arrangement that would satisfy all parties.
The Committee decided to revisit the issue at its next meeting.
3. The Cyprus Electricity Authority Budget Law of 2022
(Fak. No. 23.01.063.028-2022)
The Committee began discussion of the above bill, the purpose of which is to approve an amount of €1.761,672,000 to cover the expenses of the Electricity Authority of Cyprus (EAC) as budgeted for the fiscal year ending December 31, 2022.
During the discussion, the Committee was briefed by the President of AHK regarding the strategic planning, objectives and individual funds included in this budget for the year 2022 and decided to take a position on the bill at its next meeting.
4.The Cyprus Ports Authority Budget Law of 2022
(Fak. No. 23.01.063.029-2022)
The Committee began discussion of the above bill, the purpose of which is to approve the payment from the Cyprus Ports Authority (CPA) Fund of an amount of €30.413,190 for the financial year ending 31 December 2022.
During the discussion, the Committee was informed by the Chairman of the ALC regarding the strategic planning, objectives and individual funds included in the said budget for the year 2022 and decided to take a position on the bill at its next meeting.
The Committee considered a number of requests for decommitments and exceptions to the prohibition on filling vacancies.
The decommitments concern:
a. the Ministry of Health,
b. the Ministry of Finance,
c. the Ministry of Interior,
d. the Ministry of Education, Culture, Sports and Youth,
e. the Ministry of Defence,
f. the Ministry of Agriculture, Rural Development and the Environment.
The exceptions to the prohibition on filling vacancies concern:
a. the Ministry of Transport, Communications and Works,
b. the Ministry of Agriculture, Rural Development and Environment,
c. the University of Cyprus,
d. the Cyprus Ports Authority,
e. the Deputy Ministry of Research, Innovation and Digital Policy,
f. the Ministry of Interior,
g. the Ministry of Health.
Secretariat of the Parliamentary Committee on Finance and Budget
Email:parliamentary-commitees@parliament.cy
Contents of this article including associated images are owned by PIO
Views & opinions expressed are those of the author and/or PIO
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