Cyprus starts to review property tax

Cyrpus has started a review of property taxes with the aim of creating a single framework for its real estate levies.

The island's government has appointed PricewaterhouseCoopers to advise on the formation of the new taxation system. Work is expected to be finished in three months, according to Cyprus Property News.

The country's property industry has also had input into the process, with the Cyprus Land and Building Developers Association submitted recommendations for the property tax reforms, ranging from the taxation of individual properties separately, based on their estimated value, to the consolidation of all other charges, duties and fees associated with owning real estate.