Ruling Disy and socialists Edek will jointly table a legislative proposal allowing non-payment of capital gains tax (CGT) until the end of 2018, to counterbalance the soon-to-come imposition of 19 per cent VAT on land sales for commercial property transactions. The exemption for payment of CGT had expired on December 31, 2016. Under the current regime, if a person buys a plot worth €200,000 and sells it for €300,000, they will pay €20,000 (20 per cent) tax for capital gains. Meanwhile before parliament goes into summer recess, it is expected to enact an EU harmonising law placing 19 per cent VAT on building and development plots…

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