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The President of the Republic Mr.Nicos Christodoulides chaired a meeting of the Council of Ministers at the Presidential Palace today.
In a statement to journalists after the meeting of the Council of Ministers, Government Spokesman Konstantinos Letibiotis said: "the Council of Ministers today approved a bill entitled 'The Law on the Prevention and Combating of Money Laundering and Money Laundering Amendment Act of 2023', which amends the basic law to bring it in line with some of the recommendations of the Moneyval Committee of the Council of Europe in relation to international standards against money laundering and terrorist financing.
Specifically, in the November 2022 and December 2021 Progress Report on Democracy by the Moneyval Commission, there are recommendations to close some legal discrepancies and gaps with the standards.
These gaps are corrected in the amending bill.
The ultimate purpose of the bill is to serve the public interest by minimising the risks of money laundering and protecting the public.
The provisions of the Bill relate to cryptocurrency service providers and clarifications in relation to their obligation to register with the Cyprus Securities and Exchange Commission and to be supervised by the supervisory authority.
In addition, the Bill clarifies, based on international standards, the need to apply enhanced due diligence measures in cross-border correspondent relationships from third countries. The Bill also clarifies a provision relating to the obligation for obligated entities to measure and minimize the risks related to money laundering and terrorist financing arising from the introduction of new technologies.
In addition, the Cabinet of Ministers approved a bill entitled 'The Value Added Tax Amendment as Number 2 Law of 2023', under which, for the purposes of utilizing the new provisions of the Community Directive regulating reduced VAT rates, the following are proposed:
Adoption of a VAT rate lower than 5% amounting to 3% for the following categories of goods and services:
- Right of entry from the 1st performance of theatrical performances of musical and dance works of classical works.
- Waste collection and waste treatment services, except those provided by state authorities, local authorities and bodies governed by public law.
- Disposal and treatment of waste water and emptying of reservoirs and industrial tanks.
Reduction of the VAT rate from 5% to 3% on the following categories of goods intended for the promotion of cultural goods and goods intended to serve disabled citizens:
- The supply of books, newspapers and magazines supplied as subject material either electronically or in both forms.
- Special lifting devices, stairs, lifts, elevators, machines, handicap lifts and the like used to serve handicapped persons.
- Chair-type carriages and other vehicles for the disabled.
- Orthopaedic articles and appliances, including medical and surgical belts and bandages, splints, supports and other articles and appliances for fractures.
Inclusion of the following goods for the personal use of blind and disabled persons at zero rate of VAT:
- Typewriters and special electronic typewriters for disabled persons.
- Wheelchair-type carriages and other vehicles for disabled persons, whether or not fitted with a motor for other propulsion, provided that they are intended solely for the personal use of disabled persons.
The measures are not expected to disrupt prudent fiscal policy, with a fiscal cost of approximately 3.5 million per annum.
The Cabinet also approved the allocation from the Central Licensing Fund of 937.000 for the operation of the Employee Licensing Grant Scheme for 2023, for the mountain resorts and hotels of Tower Tillyria.
The Ministry of Labour and Social Security recommended the allocation of an amount of 937,000 euros for the operation of the scheme also in 2023.
The Ministry of Labour and Social Security recommended the allocation of an amount of 937,000 euros for the operation of the scheme in 2023. This amount has been earmarked in the budget of the Central Insurance Fund and the beneficiaries of the plan are employers who are entitled to holiday pay from the Central Leave Fund for the year 2022, who did not participate in the plan themselves or their spouses in the last one year, i.e. in 2022. Maximum subsidy amount is 50 euros per person per day and is provided for a period from Sunday to Friday, i.e. 5 nights.
Asked about excise duty on fuel and electricity subsidy, the Spokesperson said: "measures, particularly measures which are temporary and horizontal, are being assessed by the Government very close to the deadline. So now the Government is also evaluating the measures."
In response to a reporter's remark that the issue had become a political issue, the Spokesman said: "it should not develop into a political issue, for the Government the issue is not political. It is an issue, firstly, of social sensitivity and secondly, of fiscal discipline. What the Government is looking at at the moment is whether those reasons, those circumstances exist today for which this decision was taken for temporary support measures, whether it is on fuel or on electricity.
What is certain is that the Government will continue to maintain fiscal sobriety and will introduce support measures, targeted support measures, as some of them have been announced today for vulnerable households and our fellow citizens.
What is certain is that the Government will continue to maintain fiscal sobriety and will introduce support measures, targeted support measures, as some of them have been announced today for vulnerable households and our fellow citizens.
But let me remind you that, from the very first moment these measures were announced, their validity was temporary and should be treated as such and not as a permanent measure.
Public opposition to support measures should be avoided and all responsible political forces should take into account that above all, fiscal discipline must be maintained."
Asked when the bill on the special court would be tabled, the Spokesman said: "the Finance Minister was absent today. As you understand, this is a serious matter which should have been discussed at length before the Cabinet, so we will stay for the next session when the Finance Minister may be present."
(PM/SX)
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