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Directorate of Economic Research and EU Affairs

Economic Director: George Panteli 

A. Macroeconomic Policy Unit 

  • Systematic monitoring of the developments of the Cyprus economy and analysis of its prospects. 
  • Macroeconomic analysis, management and elaboration of policy measures for safeguarding macroeconomic stability. 
  • Support and co-ordination of the participation of the Ministry of Finance to the Euro Working Group and the ECOFIN Council. 
  • Devising of proposals and recommendations on issues concerning economic and social policy. 
  • Briefing and reporting on the developments and prospects of the Cyprus economy. 
  • Elaboration on issues concerning the Social Security Fund. 
  • Briefing international organizations inter alia the European Commission, the International Monetary Fund, the European Central Bank and Credit Rating Agencies on the developments and prospects of the Cyprus economy. 
  • Preparation of speeches and addresses for the Minister on subjects within the ambit of Directorate’s competences.  
  • Coordination of the Ministry’s Departments / Services / Divisions on harmonization issues that come under the authority of the Ministry of Finance. 
  • Analysis of Sectoral and structural developments’ of the economy on non-government controlled area of the Republic of Cyprus 

B. Tax Policy Unit 

The Tax Policy Unit of the Directorate is in close cooperation (where appropriate), with the tax departments:  

i. Tax Department, and  

ii. Customs Department 

The main issues that the Directorate and the Tax Departments are cooperating refer to administrative matters and auditing, joint preparation and finalisation of tax bills, policies and related work and examinations of requests from organizations and citizens. 

Management of direct and indirect taxes: 

i. VAT Appeals: examination and submission notes for complaints submitted to the Minister of Finance on various tax issues, such as registration or cancellation of registration and enforcement / tax certificates , in accordance to the VAT Law.  

ii. Requests for tax debts write downs : consider requests of write down of due taxes or concession gratia grant for payment of tax due. 

iii. Requests from Institutions to be acknowledged as charitable institutions. 

Negotiation and Promotion of Double Tax Agreements, and promotion of other agreements regulating tax relations of the Republic with third countries and Organizations:  

The Tax Policy Unit, under the Directorate, is responsible for the Coordination of Double Tax Agreements’ process and is assisted by various governmental departments and other stakeholders. More specifically, the Directorate: 

  • Provides guidance to the Minister of Finance, 
  • Participates in the Negotiation Team of Double Tax Agreements, 
  • Responsibility for monitoring / coordination of the involved governmental departments and planning, necessary for the conclusion of such agreements negotiated,  
  • Participates in the preparation of drafts texts of Double Tax Agreements, 
  • Promotes the agreed texts of Double Tax Agreements for approval, signing, ratification and enactment,  

A list of Double Tax Agreements is published in the website of Ministry of Finance. The published texts of all Double Tax Agreements are located on the website of the Tax Department.

 

Contact person:  

Maria Matsi 

Telephone number: +357 22601231 

Fax number: +357 22602750 

Email: mmatsi@mof.gov.cy

 


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