Food firms ask for hikes in Cyprus
Marios Antoniou, the secretary-general of the Cypriot Retail Trade Association, discussed on Monday the pricing dynamics of products affected by the zero value-added tax rate, as well as current data and requests for price adjustments by product suppliers.
Antoniou addressed the eagerly anticipated implementation of the zero VAT rate, set for December 1, particularly for meat and vegetables. He emphasized that for suppliers seeking price increases, a thorough examination process spanning 30 to 40 days is necessary, allowing the competent ministry to evaluate the validity of such requests.
When questioned about the current influx of supplier requests, Antoniou confirmed they are diligently reviewing these requests. However, he clarified that, at present, no requests for price increases on meat and perishables have been approved. He highlighted specific products in which price increase requests have been made, citing soft drinks, rice and olive oil as examples.
Regarding the ongoing discussion surrounding the e-kalathi initiative, Antoniou revealed that the debate is ongoing, with progress reaching only the second page of the 12-page bill.
