Oxygen initially and after Restarting the Economy Here and Now in Practice – Our Thoughts
A. General
Immediate reduction and application of electricity cost and introduction of repayment schedule of accounts in 24 installments.
Reducing interest rates (deposit and lending) in accordance with current Eurozone to allow the elongation of residential loans specifically to at least 10 years. The substantial elongation of loans can only be realized together with substantial reduction of interest rates. The elongation of one to two years is not solving the problem.
Establish an Investment Bank, which will offer high deposit interest rate based on bonds of the State in relation to the management of the natural gas deposits to be invested in infrastructure projects with benefits for the State and the depositor. This way the state will have the ability to attract deposits with higher interest rate. The high interest rates should be associated with higher risk.
Establish ceiling rates to medical services in the private sector to relieve the state hospitals. These services in the private sector already enjoy high profit margin.
Reduction of rents and tenancy rights.
Tax breaks for SME over a period of 2-3 years. When owners / shareholders will keep running and / or financing the continuation of their work.
Creating a legislative framework for the conflict of interest away Auditing Consultancy, Legal Services.
B. Tourism
Liberalization of air transport to reduce fares.
Renegotiate their agreement management for at least one of the two airports to reduce charges and to attract of low cost airlines.
Cyprus Airways to be converted into low-cost airline.
C. Real Estate Sector
Expedite the process of securitization so within 12 months of completion of a project to issue certificates of ownership. The responsibility go to Owners of projects with serious consequences if not responding to the requirement. Accelerate licensing of new project will help but not essentially. The major issue is the safety of investors.
Reduction of VAT on property.
Create a single portal attracting investment through digital marketing with the contribution of land development companies.
Provision of state land for development projects in the private sector with the lease for 99 years method.
Financing real estate market companies with the method lease to own.
D. Public Service
Immediate withdrawal of support benefits and privileges in favor of state officials.
Restructuring and reorganization of the public sector model with radical solutions and not. The Public Service must become “bad” employer not paradise. Among other things, employment contracts to public sector should be contractually limited.
Redefinition of the educational system of school to university based on the needs of the private sector. Design and implementation of fast-track programs for unemployed people to be absorbed into new sectors of economy.
Create a Research Centre under this standard that exists in Haifa. This project can join the Investment Bank.
Changes to employment legislation to incorporate provisions for flexible working, part-time work, contracting work, homework.
Tax incentives for capital repatriation.
Decrease the number of Municipalities. A municipality in each district should be the target.
Privatization of the University of Cyprus. The grant from the state can be given with other terms and conditions in addition to government intervention.
Yiannakis Mouzouris
BSc, MSc Eng. Magt.
Business Consultant
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