The request was submitted during a meeting on Monday with President Nicos Anastasides who saw a delegation of a group of 11 organisations and trade unions of the sector.

“It is very difficult today for one to build their daughter a home with 19% VAT,” said Costas Roushias, chairman of the group.

Roushias said VAT must be cut for at least two years. “Let state actuaries do the calculations and then they will find that revenues would be much more than with the 5.0% since there will be more investment than today,” Roushias said.

Among the group’s suggestions were upgrading buildings to save energy, stamping out undeclared labour, providing tax incentives, and creating a junior ministry of development that will monitor implementation of the state budget concerning projects.

Roushias said over 20% of the entrepreneurs have closed their companies or have suspended operations for the year.

“Companies are closing, dragging down with them their employees,” he said.

Source: Cyprus Mail