- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Unpaid Immovable Property Tax from 32 developers

immovable property taxALTHOUGH the vast majority of property owners paid their Immovable Property Tax (IPT) before the 15th November deadline, thereby enabling the government to achieve its property taxation revenue target agreed with the troika, a number did not.

Yesterday the Inland Revenue Department presented a list to parliament containing the names and details of individuals and companies who failed to pay by the due date and who owe more than €100,000 Immovable Property Tax.

The list contained a number of property development companies, many of whom had strongly protested against the tax because of bureaucratic delays resulting in an unacceptable delay in issuing Title Deeds.

The Greek language newspaper ‘Politis’ named and shamed these property developers on this morning’s front page  together with the tax they owed at 30th November plus the interest charged plus the 10% penalty for delay imposed by the Inland Revenue.

Company Name
Tax Owed (€€)
Maximos Holdings Ltd111,517.67
Kouroushi Bros Ltd112,861.68
Astarti Development Plc116,997.76
Christakis Giovanis Κ Σια Κατασ Λτδ120,071.09
Hjisoteriou Nicolaou Tour Eltd123,450.17
Polynikis Tourist Enterpr Ltd125,954.17
Finance Ministry in disagreement with Chacholis Ltd126,051.81
Christoforos Karayiannas & Son Ltd127,938.84
K Onisiphorou Construction Devel129,783.34
D.N.P. Enterprises Ltd133,266.00
Cyproperties Constructions Limited143,468.00
Heathrow Estates Ltd146,011.72
I.C.E. Developers Ltd149,765.98
Κυπριακοσ Οργανισμοσ Αθλητισμου178,366.29
Ergoliptiki Eteria Andrea Georg190,351.64
Chris Karaolis Contr-Developers Ltd191,480.46
Paschalis Holdings Construction Ltd213,285.44
Ioannou & Paraskevaides Ltd240,047.86
J Aristodemou Ideal Homes Ltd243,702.48
A. Chacholis Developers Ltd246,576.99
Karma Estates Limited246,944.90
A. Tsokkos Hotels Public Limited289,399.73
Venus Rock Estates Ltd314,735.49
Orphanides Public Company Limited (in liquidation)355,460.19
Aqua Sol Hotels Public Company Ltd388,764.55
Kleanthis Savva Developers Limited401,748.44
Giovani Developers Ltd420,852.31
Alpha Panareti Limited437,532.43
Cyprus Land Development Corporation446,166.04
Lanitis Development Ltd483,192.39
Pafilia Property Developers Limited1,243,288.11
Aristo Developers Limited2,376,356.10
Total:10,575,390.07

From what I can gather from the report, the Inland Revenue plans to seek judgements against these developers in the courts. If successful, they will be able to place ‘memos’ corresponding to the debts against property registered in their names. This will (of course) further delay the issue of Title Deeds to properties’ rightful owners.