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Property Tax Bill Approved by Parliament

Cyprus
8 May 2013
The Property Tax Bill has been approved by Parliament, and increases property tax rates under the new Government. Taxand Cyprus takes a look at what the new tax rates will be.

The Immovable Property Tax (IPT) is calculated on the Land Registry's assessment on the value of the property as at 1 January 1980. The new tax bands are as follows:

Property value by year 1980 (Euros) New tax rates
1 - 12.500 6% (EUR 75 min)
12.400 - 40.000 6%
40.000 - 120.000 8%
120.000 - 170.000 9%
170.000 - 300.000 1.1%
300.000 - 500.000 1.3%
500.000 - 800.000 1.5%
800.000 - 3.000.000 1.7%
3.000.000 +

1.9%


Your Taxand contacts for further queries are:
Chris Damianou
T. +357 22 699 222
E. chris.damianou@eurofast.eu

Katerina Charalambous
T. +357 22 699 222
E. katerina.charalambous@eurofast.eu

Taxand's Take


Taxpayers should be aware that the due date for payment of the property tax is by 30 September of each year. A penalty of 10% is applicable on the tax due for late payment. In the case the tax is paid 30 or more days before the deadline, then a discount of 10% of the tax owed is provided.

Taxand's Take Author

Chris Damianou