05 Aug Immovable Property Tax (IPT) Reduction in 2016 and will be abolished in 2017.
Immovable Property Tax (IPT) Reduction in 2016 and will be abolished in 2017.
Provided that the immovable property tax is paid until 31st of October 2016, it will be at 25% of the amount calculated with the existing provisions in place, that is to say its value on 01.01.1980.
In case the tax is fully paid between 1st of November and 31st of December 2016 the tax, which has to be paid, will be at 27.5% of the taxable amount on the basis of existing provisions in place.
It further includes the imposition of a penalty of 10% on the 27.5% of the taxable amount if it is not settled by 31st of December 2016.
The legislation also provides the abolition of the tax from 1st of January 2017 onward.
For Example: If you are owner of Immovable Property/ies in Cyprus with total property price value as at 1980, €40.000.- now you will pay IPT as follows:
Tax in 2015 – last payment day 31/12/2015 €240
Discount 17.5% (payment 30 days before) €198
Discount 20% (payment 30 days before and via JCC or banks) €192
Payment after 31/12/2015 €264
Tax in 2016
Payment until 31/10/2016 €60
Payment until 31/12/2016 €66
Payment after 31/12/2016 €73