The Cyprus House Finance Committee has decided to lower the ceiling for stamp duty on agreements made in Cyprus to CYP 10.000 or EUR 17.000 per contracts above CYP 25 mln or EUR 43 mln in a move widely seen as improving Cyprus’ changes of attracting foreign companies to book deals through the island. The government had initially suggested a cap of CYP 50.000, but the House decided to force the ceiling lower to CYP 10.000 to attract more deals. The government had earned a total of CYP 23 mln in 2006 and 2005 from such deals compared to CYP 20 mln in 2004.
Source: Financial Mirror
