Cyprus to abolish extraordinary levy

Just as the Greek government is preparing to submit a new package of austerity measures in Parliament, its Cyprus counterpart is getting ready to relax the strict fiscal measures it imposed during its own bailout process by abolishing the extraordinary levy imposed on Cypriot taxpayers in recent years.

Finance Minister Harris Georgiades and Averof Neofytou, leader of ruling party Democratic Rally, stated on Monday that the government will start returning to taxpayers the benefits reaped from the economy’s recovery.

Georgiades explained that the government has decided to abolish the extra levy imposed in the public and private sectors since 2011, and went on to speak of a reduction in property taxation.

Cyprus holds an election for its new Parliament this Sunday, which will not affect the elected government.