CSE transaction tax slashed to 0.15%

The Council of Ministers has approved a suggestion made by the Cyprus Stock Exchange Council to slash the transaction tax on stock trading to 0.15% as part of the drive to make the CSE more competitive.

Until recently, the tax on stock market transactions was 1% for legal entities and 0.6% for individuals. Now, the transaction tax will be reduced to 0.15% for both private individuals and legal entities. The relevant bill be submitted before the House for a vote.

Meanwhile the government decided to extend for six months a proposal to force the employees of brokerage firms to secure certificates from the CSE with respect to back office clearance in view of the fact that the CSE is not yet ready to implement the procedures stated in the law.