In February 2021 the Property of Reps handed an unenforceable legislation levying a .4 for each cent tax on all product sales of immovable assets, the proceeds of which ended up to go to supporting Greek Cypriot refugees.
The legislative proposal, which was passed by a unanimous vote in the plenum, aimed to compensate refugees for their incapacity to have, have access to, or normally gainfully use their land in the occupied north of the Republic.
It delivered for a tax on any sale/transfer of real estate, as properly as on the transfer of shares in a organization where by that business owns immovable house or where the transfer of the shares success in the buyer taking handle of the company or exploiting the immovable house in dilemma.
The resources elevated have been to go into a fund managed by the Central Agency for the Equal Distribution of Burdens, the point out company tasked with helping refugees of the 1974 war.
Having said that, there was an inexcusable flaw in the legislation as it failed to specify how the tax would be levied and which govt office would be dependable for its assortment.
As a consequence, the law was unenforceable!
Very last 7 days, much more than 18 months after the unenforceable legislation was passed, a revised law was handed designating the Tax Division dependable for levying and accumulating the .4 for each cent tax.
While the legislation was passed by a unanimous vote in the plenum, a clause stipulating that the tax would apply from February 2021 when the first, unenforceable law was handed resulted in some friction. An modification to cancel this clause, which was submitted by DISY, was rejected.
Who are Greek Cypriot refugees?
Cypriot refugees are the Cypriot nationals or Cyprus people who experienced their key residence in an space in the north of the Republic that was forcibly evacuated all through the 1974 Turkish invasion. The government of Cyprus also acknowledges as refugees the descendants of the authentic refugees in the male line.
Given that 1974, the amount of Greek Cypriot refugees has ballooned.