Forty per cent of Cypriots are “just getting by”, a poll presented on Tuesday showed. The same poll, carried out by the Cypronetwork company and commissioned by the Cyprus consumers’ union, said 30 per cent are “struggling” economically, while 30 per cent of people said they are “comfortable” with their income. This figure is nine per cent higher than the same survey carried out a year ago, in which just 21 per cent of respondents said they were comfortable with their income.
Despite these people feeling more comfortable financially, they did say they had noticed price increases in various sectors of the economy. A total of 56 per cent of respondents said they had seen prices of food and basic goods increase over the last few years, 44 per cent said the same about electricity prices, 32 per cent about clothing and footwear, and 31 per cent about water.
But the data did contradict itself in that 63 per cent of respondents said their income has “remained the same”, 17 per cent it has either decreased or “decreased a lot”, and 17 per cent said it has either increased or “increased a lot”. Cypronetwork chairman Loukas Aristodemou said that while 63 per cent of people say their income has remained the same, “if the effects of inflation are taken into account, there is a 10 to 15 per cent decrease in income”.
Income Tax Due: A Growing Concern
As Cypriots navigate these economic challenges, the looming income tax return due date adds another layer of complexity. Many individuals and businesses are keenly aware of the it return deadline, striving to ensure they meet their obligations on time. For companies, the company income tax return due date is particularly crucial, as failing to comply can result in significant penalties.
This year, there has been some relief as the income tax return extended period provides additional time for taxpayers to organize their finances. However, with the income tax due still a pressing concern, many are feeling the pressure to balance their budgets amidst rising costs.
The economic landscape in Cyprus is undoubtedly challenging, but with careful planning and awareness of key financial deadlines, individuals and businesses can navigate these turbulent times more effectively.
