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IMMOVABLE PROPERTY TAX 2016 - UPDATE (SEP 2016)

07 September 2016

As per a recent amendment to the Immovable Property Tax Law (IPT) published in the Official Government Gazette newspaper on 25/7/16, IPT for the year 2016 is reduced by 75% and abolished as from 2017 onwards.

IPT is imposed to all persons (individuals and legal entities) that own immovable property in Cyprus at the market value of the property as at 1/1/1980.

Due Dates and payable amounts for 2016

  • 75% discount is provided where the IPT is paid by 31 October 2016
  • 72,5% discount is provided where the IPT is paid between 1 November 2016 to 31 December 2016
  • 10% additional charge is imposed on the 27,5% payable amount of the IPT where this is not paid by 31 December 2016

*Where the amount of the IPT is below €10 then this is not collectable by the Tax Office.