Plans to revisit cutting property transfer fees by half

The government plans to revisit cutting property transfer fees by half as part of legislation integrating immovable property tax, Interior Minister Socratis Hasikos said recently.

Cutting transfer fees by 50% had been announced by Hasikos in the past but was vetoed by the island’s international lenders at the time.

The bill integrating IPT (immovable property tax) – state and municipal – is expected to be tabled before the cabinet next week, Hasikos said, noting that this did not mean it would be shelved.

“This bill but also the issue regarding the reduction of transfer fees by 50%… are on the way to implementation with the agreement of the troika,” he said.

Source: Cyprus Mail

Cyprus Profile

articles | 25 June 2015