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Wide-ranging Tax Increases Coming

Cyprus-News-TaxExtra taxes ranging from 10 to 60 percent on the value of real estate in the categories of home, workplace and land are being prepared by the coalition government under a bill amending the property tax law.

It was reported that 15 percent of the collected property taxes will be used by the Immovable Property Commission (IPC) for compensation, exchange and restitution of properties in North Cyprus, and another 15 percent to build schools.

This will create resources that will be allotted to the IPC to compensate for Greek Cypriot properties in the north. A share of the real estate tax will be used for this purpose. This share will be 15 percent of the revenue based on the new property tax law prepared by the government.

The draft law also states that municipalities will be able to submit proposals for the purpose of increasing tax on immovable property, if the municipality fails to meet their own expenses.

The report said that tax increases will also be levied in other areas, such as income tax, corporate tax, gambling tax and VAT.

Written Suggestions Can Be Submitted

The government announced that the legislative amendment it was preparing could be submitted to the Presidency of the Assembly within 20 days after the draft was published in the Official Gazette.

The draft law amendment was published in the Official Gazette and presented to the public who can present their opinions and suggestions in writing, provided that they are directly related to the content of the Draft Law.

Yeni Duzen

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