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Incentives to repatriate antiquities.

AN AMENDMENT to reduce VAT imposed on repatriated antiquities was yesterday examined at Parliament.

The House Finance Committee discussed the possibility of reducing the tax from 15 to five per cent for antiquities over 100 years old and which are returned from third countries.

Speaking after the meeting, Committee Chairman Antigoni Papadopoulou of DIKO said the aim was to offer motivation for the repatriation of Cyprus' national treasures.

"Each EU member state has the ability, based on an EU directive, to decide the amount of VAT that will be imposed when antiquities are repatriated," she said, adding that Cyprus could reduce the VAT percentage if it so desired, to five per cent, which is the minimum amount allowed.

EVROKO deputy Nicos Koutsou explained that this was not just about buying antiquities, but an effort to repatriate stolen antiquities.

Copyright [c] Cyprus Mail 2008

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Publication:Cyprus Mail (Cyprus)
Date:May 6, 2008
Words:151
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