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Archive for December, 2012

Calls to change property tax provisions

MPs have urged the government to look again at the bill to increase Immovable Property Tax following warnings that the tax hike will drive the island’s economy deeper into recession.

Cyprus bailout terms call for title deed delay reduction

Will a reduction in the backlog of Title Deeds to less than 2,000 of cases pending for more than one year, as required by Cyprus’ bailout terms, resolve the Title Deed problem once and for all?

Kill the chicken, eat the eggs, pretend it didn’t happen

Little has been done to resolve the problems that precipitated the crisis in the property sector; many are resisting the need for change and seem intent on making the same mistakes again as if the crisis never happened.

Developers unhappy with property tax changes

The Land and Building Developers Association has warned that the new property tax regime agreed as part of the island’s bailout conditions will threaten prospects for the sector’s recovery.

Tax refunds on escrow account interest sought

HMRC have been asked for a review the application of the rules and tax refunds for the thousands of people who have received tax demands for interest earned on escrow accounts in Cyprus.

Construction sector investment retreats

The reduction of investment in the island’s construction sector continued in September increasing the uncertainty about its outlook as there are no prospects of a recovery in the foreseeable future.

Problems will continue after property tax shakeup

Significant changes to the way Immovable Property Tax is to be calculated are contained in the island’s bailout conditions bringing to an end the use of 1980 values but leaving some problems unsolved.

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