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All reports tagged with: "european commission"

Cyprus let off the hook

Following Cyprus’ action to abrogate the law requiring lawyers to charge a minimum fee for out-of-court work, the EC has closed infringement proceedings against Cyprus and an antitrust investigation.

Money laundering assessment

Cyprus is to undergo a money laundering assessment from a Council of Europe committee comprising a group of experts from Moneyval following negative reports in the international media.

NPLs pushing down Cyprus property prices

Higher NPLs in particular appear to drag Cyprus property prices down indicating pressure to dispose of immovable property assets increasing their supply according to European Commission report..

Lawyers’ price-fixing challenge success

The complaint by ‘Fairness in Fees’ to the European Commission challenging price-fixing by the Cyprus Bar Association (CBA) has been successful; their minimum fee regulations will soon be consigned to the bin.

EC urges Title Deeds, NPL & other reforms

The European Commission has once again recommended that Cyprus takes measures to ensure reliable and swift systems for the issuance of Title Deeds & speed the reduction of non-performing loans.

VAT on land sales agreement

Cyprus is to impose VAT at a rate of 19 per cent on land sales for commercial activities, which will be based on the Dutch model according to a report in the Greek language media.

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.

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC.

Ten years to clear Title Deed backlog

At the current rate of Title Deed issuance it would take approximately ten years to address the backlog according to the spring 2017 issue of the European Commission’s Post-Programme Surveillance Report on Cyprus.

Imposing VAT on land sales

Cyprus is facing hefty fines from the European Commission if it does not impose VAT on land sales, but the imposition of VAT will have knock-on effects on the property market and the banks.

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