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Government proposes spending cuts and measures to fight tax evasion

Cyprus government yesterday announced additional spending cuts worth €360 million and measures to fight tax evasion, with the parliament plenum convening on Friday to discuss and vote on austerity measures to shore up the economy.

Finance Minister Kikis Kazamias proposed measures to fight tax evasion such as making receipts mandatory in all transactions – an obligation affecting both the recipient and the person who pays.

Changes will also be made to the law on personal data to make it easier to track down tax evaders.

The minister also pledged to table proposals, as soon as possible, designed to boost growth.