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05-03-2018 12:54 | Read 934 times

Tax plan for GC property

People who acquired property left behind by Greek Cypriots in 1974 could be hit with a 15 percent tax bill under moves proposed by the head of the Immovable Property Commission (IPC).

Tax plan for GC property

By Kerem Hasan

Ayfer Said Erkmen called on the government to introduce a type of Capital Gains Tax to help pay off mounting compensation claims submitted to the IPC from former Greek Cypriot owners. Latest figures show that the IPC has paid out almost £270 million since 2006 although the amount relates to less than a fifth of the 6,413 applications that have been lodged with it to date.
The pace of payouts has slowed in recent years because of funding issues, although new applications are on the up again following the collapse of peace talks at the Swiss resort of Crans-Montana last summer.
Under the proposal, a person holding an “eşdeğer” (exchange) title deed — issued for equivalent land and property abandoned by Turkish Cypriots in the South — would be forced to stump up the cash to help pay for future compensation settlements.

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