No decision on proposals to hike cyprus property tax

GOVERNMENT plans to introduce a €1,000/annum tax on profitable companies for two years have been received positively by the Chamber of Commerce and Industry (KEVE).

The government estimates that if around 100,000 of the companies registered in Cyprus pay this tax it will result in an inflow of some €100 million/annum into the state’s coffers.

There are approximately 170,000 companies registered in Cyprus; 70% of these are foreign and 30% are Cypriot. But the tax will only be levied on those companies that have returned a profit in the last three years.

Plans to increase property taxes were also discussed, but no decision was reached. Chairman of the employers’ federation Filios Zahariades said that “There was a preliminary discussion, which we will continue to see how the immovable property tax will become better and fairer, and we will revisit the matter.”

Source: Cyprus-Property-Buyers.com