Latest Headlines

All reports tagged with: "reduce"

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.

ECB argues ‘bad banks’ could reduce NPLs

The European Central Bank made the case on Tuesday for having state-backed ‘bad banks’ buy part of the 1 trillion euros of non-performing loans (NPLs) that are curbing lending and economic growth in parts of the euro zone.

Reduced VAT for home renovations

The Cyprus government plans to lower the VAT for all home renovations from 19 per cent to 5 per cent in a move that is expected to be ratified at the next meeting of the cabinet.

Progress on pending Title Deeds applications

According to the director of the Land and Surveys Department, the number of pending applications for Title Deeds is down to 20,000 – and the aim is to reduce this number to less than 2,000 by the end of the year.

Tax incentives expanded and extended

The government has expanded the 5 percent VAT payable on new homes used as primary residences to include non-EU citizens and has extended the Property Transfer Fee reduction/suspension until the end of the year.

Alpha Bank Cyprus Ltd announces interest rate cut

An announcement by the Alpha Bank appeared in today’s press advising its clients of a reduction in the default interest rate from 7th May 2012 in acknowledgement of the recession.

Transfer fee abolition/reduction law published at last!

After nearly a month since MPs voted unanimously to abolish/reduce Property Transfer Fees for a period of six months, the amended law has finally been published in the Cyprus Government Gazette.

Back to top