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AKEL proposes progressive property tax

AKEL sent a counter proposal to the government’s immovable property tax bill currently under discussion in the House of Representatives to the other political parties, in which it suggests creation of a progressive tax scheme for immovable property.

The leftist party criticised the government for proposing a flat tax rate, which will benefit large property owners, who under the progressive tax scheme currently in place pay higher taxes. AKEL says that “this proposal turns against the interests of small and medium-sized property owners.”

AKEL MP Giorgos Loucaides said that his party has prepared a counter proposal, aiming to ease the burden on small and medium-sized property owners, under a progressive tax scheme.

Loucaides said that AKEL proposes that the parties jointly support an amendment to the government bill under which those who own less than €200,000 in immovable property are exempt from paying tax, followed by a low tax rate for those with property up to €350,000, and a progressive increase in tax as the property’s value increases.

This, says Loucaides, would be a more fair tax scheme, transferring a larger share of the burden to large property owners.

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