The Parliamentary Committee on Finance and Budget met today, Monday, 28 February 2022, and discussed the following matters:
1.
(Fak. No. 23.01.063.050-2022)
The Committee began discussion of the above bill, the purpose of which is to authorize payment from the fund of the Single Agency for Out-of-Court Settlement of Financial Disputes of a financial nature in the amount of €1,199,183 for the fiscal year ending December 31, 2022.
During the discussion, the Financial Commissioner analysed the aims and objectives of the individual funds included in the budget and referred to the problems faced by the Entity in relation to its implementation, as well as to the operation of the Entity in general.
The Committee, on the basis of what was put before it, decided to continue the discussion of the matter in the presence of the Minister of Finance and the Chairman of the Board of Directors of the Unified Body for the Extrajudicial Settlement of Financial Disputes.
2.The Excise Taxes (Amendment) (No. 3) Act, 2022
(Fak. No. 23.01.063.007-2022)
3. The Excise Tax (Amendment) (No. 2) Law of 2022.
(File No. 23.01.063.008-2022)
The Commission has started discussing the above bills, which aim to harmonise with Council Directive (EU) 2020/262 of 19 December 2019 laying down the general arrangements for excise duties and Council Directive (EU) 2020/1151 of 29 July 2020 on the structures of excise duties on alcohol and alcoholic beverages, respectively.
The first bill, according to the representative of the Customs Department, concerns, among other things, the movement between Member States of taxed excisable products, the relevant forms of which will be submitted through a computerised system instead of in writing, as well as regulations on the acceptable, non-taxable, quantity of lost products, which will be determined by the European Commission.
The second bill incorporates into domestic legislation provisions of the aforementioned Directive concerning, inter alia, the updating of the legislation and the codes used to describe alcoholic beverages, as well as the definition of a single certificate certifying the annual production of an independent small producer of alcoholic beverages.
The Commission will continue its consideration of the above bills with an article-by-article discussion at its next meeting.
4. The Cyprus Securities and Exchange Commission (Amendment) Law of 2021.
(File No. 23.01.062.119-2021)
The Commission began discussion of the above bill, which seeks to:
a. broadening the qualifications required for non-executive members of the Board of Directors of the Cyprus Securities and Exchange Commission (CySEC), in order to facilitate the whole process and to provide the possibility of selecting candidates with qualifications related to those previously required from a wider range;
b]b. limiting the degree of dependence of related persons for appointment to the position of CySEC Council member in the case of blood or marriage relationship up to the first degree;
c. adding arrangements so that, in the event of the resignation of a Council member and the appointment of another person, the person appointed to replace the outgoing member retains the right to be reappointed for a maximum term of office of ten years.
During the discussion, the Committee was informed by the officers of the reasons why the proposed amendment was deemed necessary and resolved to take a position on the Bill at its next meeting.
5.The Auditors (Terms of Service) Regulations, 2022.
(Fak. No. 23.03.059.014-2022)
The Commission began discussion of the above regulations, the purpose of which is to establish the procedure for filling vacancies in the Public Auditing Profession Authority (PPA) and the general conditions of service of employees appointed to the Authority, including their compensation and other benefits, their duties, obligations and rights, and the exercise of disciplinary control.
In the course of the discussion, the Commission was informed by those responsible that, following a review of the text by the Legal Service of the Republic, it had been decided that they should be withdrawn by the Executive, as some of the proposed regulations were drafted in excess of the authorisation of the basic legislation under which they were adopted (ultra vires). Their reintroduction will take place after an amendment to the basic law under which the regulations are issued.
6. Decommitments of funds and exceptions to the prohibition on filling vacancies.
The Commission considered a number of requests for releases of funds and exceptions to the prohibition on filling vacancies.
The releases of funds concern:
a. the Ministry of Transport, Communications and Works,
b. the Presidency and the Presidential Palace,
c. the Legal Service of the Republic,
d. the Ministry of Agriculture, Rural Development and Environment.
The exceptions to the ban on filling vacancies concern:
a. the Ministry of Agriculture, Rural Development and Environment
b. the Ministry of the Interior and
c. the Ministry of Justice and Public Order.
Secretariat of the Parliamentary Committee on Finance and Budget
Email: parliamentary-commitees@parliament.cy
(MΓ)
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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