Public procurements no longer require stamp duty

07:00 - 09 September 2024

Companies

Public procurements no longer require stamp duties, in what the Cyprus Chamber of Commerce and Industry (CCCI) has described as a major milestone for businesses and its members.

CCCI has long been pushing for the duty to be abolished and now, following a coordinated effort, public tenders to purchase supplies are no longer subject to stamp duty after a special legal amendment was made.

“This development put an end to a significant administrative and financial burden for the businesses participating in public procurements, facilitating the procurement process and enhancing both efficiency and transparency,” CCCI said in an announcement.

It went on to thank the Treasury of the Republic for its support and cooperation in this effort. “This new regulation will boost business activity and improve our members’ relations with the public sector,” CCCI concluded.

Public procurements no longer require stamp duty

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