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Archive for October, 2014

Four foreclosure bills unconstitutional

The Cyprus Supreme Court has ruled that four of the six bills voted by parliament on 6th September that limited the effect of the foreclosure bill on low-income groups are unconstitutional.

IPT payment deadline extended

The deadline for paying Immovable Property Tax (IPT) has been extended until 31st December and taxpayers will receive a 15 per cent discount if they pay before 30th November.

Aristo trial postponed

The trial of Theodoros Aristodemou, the founder and MD of Aristo Developers Limited and former Chairman of the Board of Directors of the Bank of Cyprus, and others has been postponed.

Cyprus mortgage scam

A question on the Cyprus mortgage scam has been raised in the European Parliament by Jonathan Arnott MEP, for the North East England region for the United Kingdom Independence Party.

IPT payment extension anticipated

EDEK MP, Nicos Nicolaides, has proposed that the deadline for paying Immovable Property Tax (IPT) is extended until 31st December and that the early payment discount is extended by a month.

Standard & Poor’s raises Cyprus credit rating

Ratings agency Standard & Poor’s has raised Cyprus long-term ratings to ‘B+’ and affirmed the short-term foreign and local currency ratings at ‘B’ on strong budgetary performance; the outlook is stable.

Title Deeds for development projects

The latest monthly figures on the number of Title Deeds issued for development projects across the island during 2014 published by the Cyprus Department of Lands and Surveys in Nicosia.

Eighty per cent IPT revenue collected

In 2013 the Cyprus government collected €98 million Immovable Property Tax (IPT), approximately 80 per cent of the total according to figures provided to Parliament by the Finance Ministry.

Thirty companies owe €100m in VAT

The Greek language newspaper Politis has published the names of thirty companies who together owe the more than €100 million in VAT most of whom have challenged all or part of the debt.

Cyprus building permits down 14 per cent

The number of building permits issued in Cyprus during July fell 14 per cent compared with the corresponding month of last year, while the number of new homes being built fell 39 per cent.

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