Academic Institutions, Municipalities to be Spared Haircut
anamericanincyprus
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| 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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