23/04/2004 15:32
The bill on the property transfer duties prepared by the Land Registry Department is currently before the Interior Minister, Andreas Christou and the Finance Minister, Marcos Kyprianou, Manager of the Land Registry Department, Andreas Christodoulou revealed on Friday. Speaking at a Press Conference, Mr. Christodoulou that the bill will be forwarded to the Council of Ministers and the Parliament, if approved. The bill provides that:
- The property transfer or sale duties from parents to children will be burdened with an additional duty of 0.5% on the value of 1980 against 8% on the estimated value of 1920.
- The property transfer or sale duties among third degree relatives will increase by 1% on the estimated value of 1980 against 8% on the estimated value of 1920.
This increase in duties is expected to cover the operating expenses of the transfer.
Talks on VAT on Wednesday
Meanwhile, Finance Ministry representative told StockWatch that the imposition of VAT on properties will be discussed on Wednesday during the meeting of the Council of Ministers. The meeting will not only have talks on the type of properties that will be burdened, but also on the tax ratios. Finance Minister, Marcos Kyprianou will proceed to the relevant statements on Monday.
What remains the same?
Mr. Christodoulou assured that the transfer duties in the daily property buying and selling will remain at 3% (for properties of up to £50,000), at 5% (for properties of up to £100,000) and at 8% (from £100,000 and over).
- The property transfer or sale duties from parents to children will be burdened with an additional duty of 0.5% on the value of 1980 against 8% on the estimated value of 1920.
- The property transfer or sale duties among third degree relatives will increase by 1% on the estimated value of 1980 against 8% on the estimated value of 1920.
This increase in duties is expected to cover the operating expenses of the transfer.
Talks on VAT on Wednesday
Meanwhile, Finance Ministry representative told StockWatch that the imposition of VAT on properties will be discussed on Wednesday during the meeting of the Council of Ministers. The meeting will not only have talks on the type of properties that will be burdened, but also on the tax ratios. Finance Minister, Marcos Kyprianou will proceed to the relevant statements on Monday.
What remains the same?
Mr. Christodoulou assured that the transfer duties in the daily property buying and selling will remain at 3% (for properties of up to £50,000), at 5% (for properties of up to £100,000) and at 8% (from £100,000 and over).
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