The Cyprus House of Representatives approved on Thursday a bill on immovable property tax, a condition of a €10 billion bailout agreed last March between Cyprus and the Troika (European Commission, European Central Bank and the IMF).

The plenary approved an amendment to the bill according to which properties of up to €12,500 will not be taxable, as opposed to the €5,000 proposed by the government bill, while the minimum taxation of €75 was abolished.

Only 15 of the 54 MPs present voted for the bill, while 39 abstained.

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