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Cyprus does not cope with the domestic problems on its own. The European Commission adopted the resolution on setting up the support team for Cypriots in line with the aid to the lagging economies. As the officials from the European Commission reported, the support group had been appointed, and it is ready to render the assistance. The need for such a department was discussed in early spring at the initiative of Jose Manuel Barroso, the Chairman of the European Commission. The team comprises the best European advisers, whose mission is to solve the problematic issues in the tight cooperation with the Cyprus authorities. The main activity will be focused on the assistance in implementing the anti-crisis program that was worked out for Cyprus in April. “Indeed, we now have to concentrate all our efforts to facilitate the emergence of new sources of economic activity and to alleviate the social consequences of the economic shock. The Commission is now mobilising its resources to provide technical assistance. The Support Group will rely on expertise from across the Commission services,” - the statement of the European Commission announced.
In their turn, the Cyprus authorities took a variety of measures with an aim to rehabilitate the economy. Those measures are to reduce the tax burden for the Cyprian companies. The list of the measures includes the 25% tax abatement for the companies establishing new vacancies as well as eliminating taxes on funds spent on introduction of innovative solutions, alternative energy development and research activities.