The economic philosophy of the Ministry of Finance is based on three axes: «Economic Development – Modernization-Social Progress». Our vision for Cyprus is «to exploit the arising opportunities and, successfully, confront the challenges from EU accession and globalization». The Ministry of Finance focuses on the broad economic policy issues and coordinates and supervises its Departments, with a view to ensure an effective implementation of the Government policy. The Ministry of Finance plays an essential role in promoting and implementing the governmental policy. The main duties and responsibilities include:
· 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.