Insider Economy Cyprus and accommodation-sharing sites in optimum tax deal

Cyprus and accommodation-sharing sites in optimum tax deal

Deputy Minister of Tourism Savvas Perdios and representatives of accommodation-sharing sites such as Ainbnb seem to have reached an optimum tax deal, according to Phileleftheros.

This development paves the way for the Mediterranean island’s legislation regulating Airbnb type rentals.

Perdios, who has recently met with the heads of both Airbnb and in Central Europe, has reached agreement with them to hand over to the Tax Department all transactions they have with Cypriot landlords, according to insiders.

As a matter of fact, Perdios told parliamentarians that these platforms could charge a rate in the form of a tax rate that could be refunded through them to the Department of Tax.

Perdios has already contacted the Tax Commissioner in a bid to discuss the matter and find the most appropriate and efficient way for the tax to be collected.

A draft bill tabled by ruling Disy and socialist Edek regulating Airbnb type rentals has been on the table for nearly a year.

The MPs are arguing that the state is losing revenue that it could receive through licensing rights considering that some 40,000 properties are not licensed.

There are around 20,000 unregistered villas and dwellings, with official data showing that one-third of tourists in Cyprus make a booking through accommodation-sharing sites.

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