Cyprus Property News
Cyprus | Posted:

Construction Industry Fights for VAT issue


Various Cyprus Professional Associations and other construction industries related members of the Employers and Industrialists Federation (OEB)  are going to hold dynamic protests outside the Cyprus Parliament and the Ministry of Finance on May 31 2012 for failing to repeal the new law on the VAT for the construction Industry.

According to OEB, after the protest of May 31 which is starting at 13:00, there will be following in the coming days more escalating measures in order to solve the problem. They are talking on a collective effort to repeal the law that leads to redundant contraction workers and closure of companies. Construction companies have already join forces with workers who in a letter addressed to the Minister of Finance and the House Finance Committee requested the immediate suspension of the law.

According to the Federation,'' the Treasury refuses to understand the problems and inconvenience caused by the law promoted in the House and pleads that any repeal would be 'evidence maximum inconsistency' with the EU.'' Furthermore OEB concludes ‘‘unfortunately while expecting to have an initiative by the government. That is, while we all know the negative consequences of the new law, each party waives its responsibilities regardless of the consequences for businesses, employees and the economy,''