“I want to inform you that the Ministry of Finance, in cooperation with the private sector, is processing, and will soon announce adjustments which will further improve the tax framework, so as to provide facilities for the attraction of further investments from abroad,” the president said in a speech at the inauguration of the VTTV petroleum storage facility at Vassilikos.

The government was aware that the state had not been friendly towards private initiative on many occasions, Anastasiades said, adding that his administration planned on changing things.

“Bureaucracy and out-dated administration methods had been hindering the implementation of the state’s objectives, which were in line with the ambition of Cypriot and foreign investors regarding the expansion of their business activities,” he said.

The government’s reform programme, he said, included simplification of procedures for licensing and operation of businesses, a process of accelerated licensing of strategic investments, and a new regulatory and institutional framework for tourism and other vital sectors of the economy.

“We aspire to be able to carry out soon the reform of the Cyprus economy, which will lead to a restart and growth,” he said.

Source: Cyprus Mail