Thursday, March 28, 2013

Academic Institutions, Municipalities to be Spared Haircut
Will bank accounts of charitable organizations such as the Cyprus Red Cross Society be sparred?

It has just been announced that the bank accounts of academic institutions and municipalities, including funding from EU co-financed development projects, will not be subject to levy. This news causes much relief, however there has been no announcement as to whether non-governmental charitable organizations will also be sparred.

The Cabinet also decided to reduce the salary of members of the Cabinet by 20%, including the 13th salary. The President has already authorized the Accountant General of the Republic to make a 25% reduction of his own salary.

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