CYPRUS Immovable Property Tax for the year 2016 -2017

Immovable Property Tax

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CYPRUS  :  Immovable Property Tax for the year 2016

 

  • 75% Discount on Immovable Property Tax for the year 2016
  • The Immovable Property Tax is being abolished for the year 2017

The Tax Department will be sending Immovable Property Tax demands for 2016 that will include significant discounts agreed by parliament earlier this year.

Taxpayers will receive in the next few days their bills for Immovable Property Tax (IPT) which will come with significant reductions.

If someone’s property has not changed since January 1, 2015 he or she will pay the same tax as last year less the generous Discounts.

  1. Settle your account by 31 October 2016 and get a 75% Discount on your Immovable Property Tax, thus paying only 25 per cent  of the total.
  2. Settle your account by November and December 2016, before the end of the year that is, and you will pay only 27. 5 per cent  of the amount,
  3. .Those who will pay after January 2017, will also get a significant discount as they will pay only 30.25 per cent  of the amount.

This is the last year the Immovable Property Tax  is being enforced . The Immovable Property Tax  is being abolished altogether in 2017.

The tax was part of the island’s bailout agreement with its international lenders.

  • As of next year 2017, property owners will only pay the municipal property tax  ONLY  and  NO Immovable Property Tax.

 

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