Moody’s says new capital gains tax exemptions to aid banks

19-7-2018 Business Mail BusinessMail Red Hot

Moody’s says new capital gains tax exemptions...

By Stelios Orphanides

Moody’s Investors Service said that the decision of the Cypriot parliament to also exempt the sale of real estate from the capital gains tax when the generated cash goes to the repayment of loans, is a credit positive for banks.

The exemption from the 20 per cent capital gains tax which the parliament also extended to property sold or relinquished to credit acquiring companies, was previously restricted to debt-to-asset swaps after its introduction three years ago.

“The benefit’s extension to other sales...

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