The Cyprus government has decided that 2015's Immovable Property Tax will be calculated on 1980 values and that the charges levied by municipalities and communities will remain the same as last year.
Revised Immovable Property Tax rates for 2015 are contained in one of a series of bills submitted by the Cyprus government to parliament, which are aimed at modernising the island's taxation system.
The Cyprus government has plans to submit a bill to parliament that will integrate Immovable Property Tax and municipal taxes before parliament closes for the summer recess.
A month before the deadline for paying Immovable Property Tax expired, the Cyprus government collected in excess of 100 million Euros. However a number of long-standing problems have been highlighted.
In the wake of many complaints from those who believe their property has been incorrectly revalued, the government has extended the deadline for receiving objections to 25 April 2015.
According to an official from the Inland Revenue Department only a small number of property developers had settled their outstanding Immovable Property Tax (IPT) obligations.
The deadline for paying Immovable Property Tax (IPT) has been extended until 31st December and taxpayers will receive a 15 per cent discount if they pay before 30th November.
EDEK MP, Nicos Nicolaides, has proposed that the deadline for paying Immovable Property Tax (IPT) is extended until 31st December and that the early payment discount is extended by a month.
In 2013 the Cyprus government collected €98 million Immovable Property Tax (IPT), approximately 80 per cent of the total according to figures provided to Parliament by the Finance Ministry.
I am grateful to Mr. Christofi at the Tax Department in Nicosia for the following information concerning the payment of Immovable Property Tax by those who have yet to receive their Title Deeds.
The Inland Revenue Department has announced that it will start sending out Immovable Property Tax notices at the end of this month, but provisions in the law are causing staff severe headaches.
The chairman of the Cyprus Technical Chamber (ETEK) has argued that the government should make public the methodology used to reappraise property values to 2013 prices for taxation purposes.
The Cyprus Inland Revenue Department has issued the following announcement regarding the payment of Immovable Property Tax for 2014 and offers a discount of 15% if the IPT is fully paid by 31 October 2014.
A last minute deal has been reached by Cypriot MPs on the Immovable Property Tax for 2014 and a bill has been passed with 53 votes in favour and just one against according to reports.
Following the wrecking of the draft bill to change the Immovable Property Tax rates for 2014, the Inland Revenue Department has suggested that last year's law be extended for a further year.
The changes brought about by the new Immovable Property Tax shifts the burden of taxation onto the owners of medium value properties to the benefit of large owners such as property developers.
Owners of property in Cyprus valued below €200,000 will be exempted from paying Immovable Property Tax under a bill approved by the Council of Ministers yesterday according to a government spokesman.
Announcing the completion of the task of updating Cyprus property values as part of the island's bailout agreement, Interior Minister commented that privately owned land in Cyprus is worth some €200 billion.
The government must bring before the Parliament a bill reforming Immovable Property Tax legislation and another one introducing the Guaranteed Minimum Income before the end of June.
Owners of property in Cyprus will be asked to pay less Immovable Property Tax this year as many more properties have been included the island's Interior Minister Socratis Hasikos has stated.
