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Revised property taxes and planning amnesty

The Cyprus government is banking on a second term in office to implement its revised property tax system which will be based on current property values rather than those of 1980.

INTERIOR Minister Neoclis Silikiotis has stated that the planned revaluation of property values will be completed in 3-5 years and stressed that a tax system based on current values, rather than those of 1980, aims to right the wrong that burdens tax payers.

Mr. Silikiotis, who was speaking at a press conference, said that there are properties whose current value is 25 times greater that their 1980 values although they continue to pay taxes and duties on the basis of their assessed value at 1st January 1980.

Avoiding saying who will be mostly affected by the measures, the Minister said that they will address those whose properties have multiplied in value from their 1980 levels. He also emphasized that in some areas properties are taxed or pay duties on the basis that they are vacant plots, while in reality they consist of large developments and building complexes.

The Minister anticipates that the revaluation will take between 3 and 5 years.

We elaborated on the provisional proposals on the basis of a study carried out by the Land Registry Department until the completion of the revaluation. We forwarded them to the Finance Minister, who will have talks with the parties and the social partners on the issue”, he said.

Planning amnesty bills

As for the five bills concerning the urban planning amnesty, he said that they are ready and will be submitted to the Council of Ministers at its next meeting. By the 20th April they will be forwarded to Parliament so that they may be approved before the summer holidays.

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