- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Property tax review gets underway

ACCORDING to reports in the local media, the Cyprus government has appointed PricewaterhouseCoopers (PwC) as an advisor on the formation of a single framework for the taxation of real estate.

Headquartered in London, PwC is a multinational professional services firm headquartered in London. It is the world’s second largest professional services firm, measured by 2013 revenues, and is one of the Big Four auditors along with Deloitte, Ernst & Young (EY) and KPMG.

Work should be completed in 3 months.

Meanwhile, the Cyprus Land and Building Developers Association has presented its recommendations for property tax reforms to the government. These include:

The Association believes that its proposals will reduce the administrative costs of calculating and collecting taxes, which will benefit both the authorities and taxpayers.

The Association has also proposed a 10% discount on the tax payable, providing it is paid by the deadline, plus a further 5% discount if it is paid electronically.

It has also suggested that interest charged by the Inland Revenue for late payment should be reduced to 4.75% from its present level of 9% to bring it into line with other interest charges imposed by the state for late payment and hopes that the Inland Revenue will introduce payment by instalments.