Cyprus' leading on-line resource for home buyers & real estate investors -

29th March 2024
Cyprus Property News logo
HomeNewsCyprus hotel and tourist associations oppose taxes

Cyprus hotel and tourist associations oppose taxes

IN A JOINT press statement issued on Monday, the Cyprus Hotel Association (PASYXE) and the Association of Cyprus Tourist Enterprises (STEK) expressed their intense opposition to the Cyprus government’s latest proposals on property tax.

According to their statement, “this move will hit the hotel industry as hotel units will be required to pay much higher taxes; 10-15 times more than under he current system” and called on the government to deal with the problems in the “wasteful” public sector.

Their statement concluded: “As a result, the proposed taxation will be the ‘coup de grace’ for the hospitality industry, whose survival will become even more problematic and doubtful.

Editor’s comment

FIGURES released earlier today by the Cyprus Statistical Service (CYSTAT) show that tourist arrivals fell by nearly 11% during 2009. There were 14% fewer British arrivals last year compared to 2008, followed by 17.8% fewer Russians, 0.9% fewer Greeks and 0.9% fewer Germans.

Increasing their hotel accommodation costs through the government’s imposition of higher property taxes on hoteliers would most certainly result in more tourists taking their holidays elsewhere and cause a further decline in tourism.

RELATED ARTICLES

Top Stories

Sign up to receive our free newsletter

We handle your data responsibly, find more about our privacy policy

Cyprus property transfer fees

Elsewhere in Cyprus Property News

EUR - Euro Member Countries
GBP
1.1684
RUB
0.0101
CNY
0.1285
CHF
1.0436

Property capital gains tax (CGT) calculator