Cyprus:
Amendments To The Tax Laws To Facilitate Loan Restructuring
27 July 2018
Elias Neocleous & Co LLC
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The package of legislative measures passed by the Cyprus
parliament on 8 July aimed at encouraging the resolution of
non-performing loans included an extension of the current tax
exemptions in connection with transfers of immovable property from
a borrower to the lender in the course of loan restructuring to
borrowers who dispose of the property themselves in the open market
for the purpose of restructuring debt. Both sets of exemptions will
be available until the end of 2019.
Law 96(I) of 2018 amends the Income Tax Law, Law 98 (I) of 2018
amends the Special Contribution for Defence Law and Law 100 (I) of
2018 amends the Capital Gains Tax Law to implement the amendments,
all with effect from 17 July 2018.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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