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Cypriot Finance Minister departs for ECOFIN meeting
2005-12-05 17:04:24

Nicosia, Dec 5 (CNA) - Cypriot Minister of Finance Michalis Sarris departs today for Brussels, to participate in tomorrow's ECOFIN meeting, which will deal with economic reform, taxation, the financing of terrorism and energy matters, among other issues.

The Ministers will discuss ways to tackle the challenge of globalisation, as well as the contribution of the Lisbon national actions plans to the financially viable growth of the member states.

They will also discuss the next steps to reduce the administrative burden created by adopting legislation on an EU level.

Regarding taxation, the Ministers will discuss the reduced VAT factors, a topic which has been on the ECOFIN agenda a number of times. The European Commission had tabled a proposal to review the reduced factors in July 2003, but so far it has not been possible to reach an agreement between the member states, so the issue will be discussed once again.

Furthermore, ECOFIN will discuss a European Commission paper on the aims of the EU for the next five years in the sector of monetary and financing services.

The meeting will also discuss the action plan for the efficient handling of the financing of terrorism.

Regarding energy matters, the Ministers will discuss the challenges the EU faces and ways to increase the effective use of energy.

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