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

4 weeks ago Business Mail BusinessMail Warmer

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 categories is credit positive...

Trending Cyprus News

Paphos Brits charged with threatening dog-loving neighbour
Paphos police have charged two Britons after a woman complained they had threatened her because she takes in stray dogs. The two Britons, aged...
Police arrest five Britons over Napa beating
Five Britons, aged 19 and 20, were arrested on Wednesday in connection with the beating and serious injury of a 21-year-old man, also from the...
Yellow alert for Friday with temperatures to hit 40 C inland
The Met Office has issued a yellow alert for Friday saying temperatures will rise to 40 C inland. Th extreme hot weather warning is in force...
Father of 3 year old found wandering in Paphos streets...
The 30 year old father of a three year old boy found wandering on the streets of Paphos at 3 am on Wednesday pleaded guilty on Thursday to...
Endangered Green, Loggerhead turtles make comeback in...
For these ancient reptiles, a stretch of beach on the Mediterranean island of Cyprus has been their home for thousands of years. Against the...
66 year old arrested in connection to Milikouri fire
Police on Wednesday arrested a 66 year old man in connection with a fire which broke out near Milikouri around 1.20 pm and raged for several...
Turkish naval vessels harass Cypriot ship in...
TWO Turkish warships harassed a Cypriot fishing boat belonging to the company ‘Ta Psarokaika’ on Thursday, while the vessel was in international...
Fire raging near Milikouri
Forestry Department fire fighters are tackling a blaze which broke out in the Milikouri area in the Troodos mountains, a little after noon on...