To this effect, Finance Minister Harris Georgiades has sent a letter to the new President of the House, Demetris Syllouris, requesting that these laws be examined first.

The government is looking for the legislation on immovable property tax to be voted before the House closes on July 15, in order for the Tax Department to send its tax information out by August.

The proposed changes in immovable property tax are in five proposed legislations which aim to tax immovable property at half a million, abolish community and municipal taxes. It would also make permanent the drop to 50% of transfer taxes, and bring in a 19% VAT tax on plots of land that are part of commercial transactions.

According to the Finance Minister, the legislative proposals are part of efforts to reform and modernise immovable property law.

The Executive Service hopes that its proposals are accepted as soon as possible, since the fiscal budget relies on their approval to remain in balance.

Meanwhile, the government is also trying to modernise the legal framework on filling in positions in the Public Sector.  With the legal proposals forwarded by the government to the House, a new system to evaluate the performance of public employees is introduced, and the mobility of public sector employees to semi-governmental organisations is regulated.

38 legislative proposals in limbo

According to the letter by the Finance Minister, there are 38 legislative proposals pending in the House of Representatives, of which most involves the Finance Committee,

Among the government’s proposals is the amendment of regulations on the duties paid to the National Betting Authority, and tax-less oil for agriculture.

Also pending are regulations to divest property to pay for owed tax obligations, and the legislative proposal for Central Bank management meetings to take place without a natural presence.

Also pending in the House Finance Committee is the legislation for common pricing in the Cooperative Central Bank for the entire coop credit sector, the amendment of the law for selling loans, the subsidy for Church pay in exchange for a transfer of church land to the Republic.

In addition, the regulation of the legal framework for public organisations and state businesses, along with the creation of new organisations and businesses are also pending matters.

Source: InCyprus