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Cyprus: Property Tax Bill approved by Parliament

kokoni.jpg

Zoe Kokoni

The Property Tax Bill has been approved by Parliament and increases property tax rates under the new government. The immovable property tax (IPT) is calculated on the Land Registry's assessment on the value of the property as at January 1 1980. The new tax bands are as follows:

Your property value by year 1980, €

New tax rates

Up to 40,000

0.6% (€75 min)

40,000 – 120,000

0.80%

120,000 – 170,000

0.90%

170,000 – 300,000

1.10%

300,000 – 500,000

1.30%

500,000 – 800,000

1.50%

800,000 – 3,000,000

1.70%

3,000,000 +

1.90%

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

Zoe Kokoni (zoe.kokoni@eurofast.eu)

Eurofast Taxand

Tel: +357 22 699 222

Website: www.eurofast.eu

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