Monday, 28 May 2012
YESTERDAY, the House of Representatives passed a number of tax incentives designed to boost business activity and attract foreign investment to Cyprus.Changes to the income tax laws concerning the 5% VAT payable on new homes have been expanded to include non-EU citizens.Changes to Property Transfer Fees, which came into effect last December for a period of six months, have now been extended until the 31st December 2012.The changes only apply to the first sale of a property, where the contr...
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