The Cyprus Council of Ministers has approved proposals to amend the immovable property tax regime. The proposals include:

• Replacing the current progressive property tax rates of 0.6% to 1.9% based on 1 January 1980 market values with a flat 0.05% rate based on 1 January 2013 market values;
• Abolishing the property taxes collected at the municipal and community level; and
• Making permanent the 5…