On the 26 August 2011 the House of Representatives approved legislation aimed at stimulating the local property market. The legislation passed provides that eligible persons will be subject to a lower VAT rate of 5% on the purchase or construction of a first residence. The rate will apply for the first 200 square meters of…
The Ministry of Interior issued the following bulletin regarding the Town Planning Amnesty legislation which came into force on April 8 2011. The legislation aims at simplifying and modernising the procedures and legal provisions that eventually lead to the securing of updated title deeds by respective property owners. PLANNING AMNESTY BULLETIN LEGISLATION FOR THE MODERNISATION…
The European Commission has formally requested Cyprus to amend its legislation on depreciation scales for the calculation of excise duties on second-hand motorcycles because the current rules discriminate against imported motorcycles. Under current Cypriot legislation, owners of second-hand motorcycles have to pay an excise duty depending on the depreciation of these vehicles, i.e. their loss…
Individuals – Income Tax % Tax Years 1991 – 1995 £ 1996 – 1999 £ 2000 – 2001 £ 2002 £ 2003 £ 2004 – 2006 £ 2007 £ 0% 0 – 2.000 0 – 5.000 0 – 6.000 0 – 9.000 0 – 9.000 0 – 10.000 0 – 10.750 20% 2.001 – 4.000…