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More efforts needed to reduce NPLs

Cyprus needs to put more efforts into reducing the non-performing loans (NPLs) of the Cyprus banks, which “remain at extremely high levels” said the Chair of the ECB’s Supervisory Board.

IMF: Reinstate Immovable Property Tax

The International Monetary Fund (IMF) has called on Cyprus to consider reinstating the Immovable Property Tax, which was withdrawn this year, and raising transfer duty to increase revenues.

Paphos marina decision expected soon

The Pafilia Group should hear by the end of the month whether it has met the required criteria to build the Paphos marina, which has been stalled by bureaucracy and legal battles for more than a decade.

Some relief for blighted Paradise Hills

Home buyers on the blighted Paradise Hills estate at Marathounda in Paphos may receive assistance from the authorities to prevent a repetition of last winter’s heavy flooding caused by a rainwater drainage pipe.

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Cyprus faces “sizeable downside risks”

Following its mission to Cyprus the International Monetary Fund said that “sizeable downside risks” still exist, citing an extremely high private sector debt and a high proportion of non-performing loans (NPLs).

Planning & building permit overhaul

The time consuming and frustrating bureaucracy involved in obtaining building & planning permits in Cyprus may be overhauled provided the recommendations of Austrian experts are adopted.

The troika returns to Cyprus

Representatives of the troika of international lenders plus the European Stability Mechanism (ESM), the IMF, EC and the ECB , will be in Cyprus later this month for the third post-programme surveillance.

John Hourican “annoyed and impatient”

Bank of Cyprus CEO John Hourican said he is annoyed and impatient by borrowers seeing a rising property market and wanting to hold on and negotiate more time to repay their loans.

Local property tax set to change

Some will pay more and some will pay less local property taxes in Cyprus this year as charges will be assessed on 2013 property valuations rather than those of 1980 in efforts to provide a fairer taxation system.

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