The House of Representatives has approved changes to the Immovable Property Tax Law published in the Official Gazette of the Republic on 25 July 2016.  The changes reduce the immovable property tax burden for tax year 2016 by up to 75% and abolish the immovable property tax as from 2017.

The House of Representatives has enacted long anticipated amendments to Cyprus’ “IP Box regime”, introduced in the Income Tax Law and published in the Official Gazette of the Republic on 27 October 2016. The amendments provide for the gradual phasing out of the current IP Box regime and the introduction of a new IP regime…