The Ministry of Finance is involved with broad economic policy issues, to ensure the effective promotion and implementation of the Government policy. The Ministry focuses its activities on the Economic Development of the Republic of Cyprus, the Modernization of the government's systems and the Social Progress.

 

The duties and responsibilities of the Ministry of Finance include but are not limited to:

  • Formulation of economic policy.
  • Preparation and implementation of the Budget of the Central Government.
  • Taxation policy, tax collection and the customs.
  • Effective utilization of the economic resources of the Public Sector.
  • Borrowing requirements of the Central Government.
  • Promotion of the computerization of the Public Services.
  • Development and utilization of the human resources of the public sector.

The Directorate of Financial Management is responsible for a wide range of responsibilities that cover all the Government Service.

The Directorate deals mainly with the evaluation of Development Projects prepared by other Ministries.

The Directorate is responsible, in co-operation with other competent Ministries, for formulating the social policy of the Government and is involved in the administration of various social schemes.

The Directorate participates and represents the Ministry in various Committees established by other Ministries for the provision of grants for upgrading and modernization of the processing industry, as well as in other sectors such as Agriculture, Energy, Environment, Commerce, Industry, Education, Health, Social, Transport and Communication.

Τhe Directorate is responsible for managing Government movable and immovable property and compensations (examination and settlement) of claims against the Government.

In addition to the above, the Directorate is responsible for matters relating to the fees charged for services granted by Ministries/Government Agencies.

The Directorate of Co-ordination of the Computerisation of the Public Sector is responsible for the following matters:

  • Public Procurement of the Ministry of Finance and its departments;
  • annual budgets, loans, investments and development plans of Semi-Government Organizations;
  • co-ordinating and monitoring the computerization project of the entire Civil Service, aiming at the successful utilization of the General Strategic Computerization Plan which was approved by the Council of Ministers in 1989. This Plan, after a relevant proposal by the Ministry of Finance, was revised by the Council of Ministers in 1998. The Council approved the Strategy for the Information Systems in the Civil Service;
  • Gambling (except of the matters of Lottery Law);
  • Collective Bettings (Contact Person: Ms Kika Orphanidou, tel:22601119, fax:22602760 emai:korphanidou@mof.gov.cy);
  • construction, purchasing and renting of premises for government office accommodation;
  • Sewerage Boards;
  • Boards of Watersupply;
  • Local Authorities;
  • Slaughterhouses.

Contact Information 
Contact person: Ms Andri Panayi 
Tel.: +357 22 601199 
E-mail: apanayi@mof.gov.cy

The Directorate of Economic Research and EU Affairs is reponsible for the following matters:

  • Macroeconomic analysis and management and elaboration of policy measures for the preservation of macroeconomic stability.
  • Co-ordination of the Policy for adopting the Euro.
  • Support and co-ordination of the participation of the Ministry of Finance to the ECOFIN.
  • Devising of proposals and recommendations on issues concerning economic and social policy.
  • Briefing and reporting to the media on the course of the Cyprus economy.
  • Elaboration on issues concerning the Social Security Fund.
  • Briefing international organizations (European Union, International Monetary Fund, etc) on the course and developments of the Cyprus economy.
  • Preparation of speeches and addresses for the Minister on subjects within the ambit of the Ministry’s competencies. 
  • Coordination of the Ministry’s Departments / Services / Divisions on harmonization issues that come under the authority of the Ministry of Finance.
  • Follow up of the implementation of the decisions taken by the Council of Ministers with respect to the Ministry’s competencies.
  • Follow up of the implementation of the proposals arising from the Auditor General’s Report regarding the Ministry.
  • Follow up of the issues arising from the Commissioner for Administration (Ombudsman).

The Directorate of Budget and Fiscal Control is mainly involved in the implementations of the state's fiscal policy, which includes activities with regard to public expenditure, revenue and borrowing of the Government Sector.

Contact person: Mr George Panteli 
E-mail address:  gpanteli@mof.gov.cy 
Telephone number: 22601184 
Fax number: 22602746

The competences of the Directorate of Taxation Management and Policy fall, according to the needs of the Ministry of Finance, under three general sections, as they are described below:  

1.a. Collaboration with the Tax Departments
1.b. Management of direct and indirect taxes
1.c. Negotiations for double tax treaties
2.a. Special subjects of economic management and policy
3.a. Special subjects of management of fiscal revenue
3.b. Special subjects of management of refinancing the state
 
Contact Information
Mr Michalis Chailis
Tel.: +357 22601178
Fax: +357 22602749

The responsibility of the Directorate of Investment and Finance is the promotion of all the relevant legislation for the regulation of the financial sector, the support of the efforts for the attraction of direct foreign investments in Cyprus, as well all the handling of all the subjects that concern the participation of Cyprus in international financial institutions.

Contact Information
Eleftheria Iosifidou 
Tel.: +357 22601172 
Fax: +357 22602748 
Email: eiosifidou@mof.gov.cy

Τhe Insurance Companies Control Service (Service) is responsible for the supervision of the operations of insurance undertakings and the implementation of the Insurance Services and other Related Issues Laws of 2002-2011 and the Insurance Services and other Related Issues Regulations of 2002-2009. The said Law and Regulations regulate the way insurance undertakings carry out their business and determine the way supervision is to be exercised. 

Contact Information

For any information in relation to the registration of insurance intermediaries or any other general information regarding insurance mediation, the contact person is Mr Costas Agathaggelou, tel. 22602963, fax. 22302938, e-mail:  insurance@mof.gov.cy.

For any other information or enquiry regarding the Service, you can contact Ms Yianna Christoforou Poyiadji, tel. 22602952, fax: 22660135, e-mail:  insurance@mof.gov.cy.

The main responsibility of the Directorate of the Grants and Benefits Service is the management of Social Welfare Schemes. The Directorate is involved with the following matters: 

  • Child Benefit;
  • Benefit for single parent families;
  • Student Grants;
  • Maternity Benefit;
  • Benefit for low income pensioner families;
  • Easter Benefit for low income pensioner families;
  • Grant for building or buying first residence.

Contact Information: 
Address: Tefkrou 6,1066 Nicosia 
Name: Nasia Eliadou 
Tel.: +357 22 804000 / 006 
Fax.: +357 22 668056 / 049 
Email: grants@mof.gov.cy

LocationMichael Karaoli Street, 1096 Nicosia, Cyprus
Telephone+357 22 602723
Fax 
Working Hours8:00 - 15:00
Email 
Official Websitewww.mof.gov.cy
Correspondence Address