Cyprus Council of Ministers approved the reduction of the property tax by 50%

On Wednesday, June 1, 2016 the Cyprus Council of Ministers approved the reduction of the tax on all real estate transactions by 50% and abolished the property tax collected by municipalities. It is reported portal Cyprus Buyers are the Property

"Today we have taken an important step in the direction of tax reform and reducing the tax burden for individuals and corporations", - the Minister of Finance of Cyprus Harris Georgiades said. According to him, the government approved a reduction of property tax by 50% and the EU abolished the obligation to pay VAT of 19% on the transaction with the purchase of plots for construction of commercial organizations (not individuals).Also Georgiades noted that the Council of Ministers took the decision to leave 20% discount for the citizens paying property taxes by credit institutions through the Internet, and 17.5% - for those citizens who pay taxes in time through the payment counter in branches IRSCyprus Council of Ministers approved the reduction of the property tax by 50%