ALTHOUGH 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.
Tax Owed (€)
|Maximos Holdings Ltd||111,517.67|
|Kouroushi Bros Ltd||112,861.68|
|Astarti Development Plc||116,997.76|
|Christakis Giovanis Κ Σια Κατασ Λτδ||120,071.09|
|Hjisoteriou Nicolaou Tour Eltd||123,450.17|
|Polynikis Tourist Enterpr Ltd||125,954.17|
|Finance Ministry in disagreement with Chacholis Ltd||126,051.81|
|Christoforos Karayiannas & Son Ltd||127,938.84|
|K Onisiphorou Construction Devel||129,783.34|
|D.N.P. Enterprises Ltd||133,266.00|
|Cyproperties Constructions Limited||143,468.00|
|Heathrow Estates Ltd||146,011.72|
|I.C.E. Developers Ltd||149,765.98|
|Κυπριακοσ Οργανισμοσ Αθλητισμου||178,366.29|
|Ergoliptiki Eteria Andrea Georg||190,351.64|
|Chris Karaolis Contr-Developers Ltd||191,480.46|
|Paschalis Holdings Construction Ltd||213,285.44|
|Ioannou & Paraskevaides Ltd||240,047.86|
|J Aristodemou Ideal Homes Ltd||243,702.48|
|A. Chacholis Developers Ltd||246,576.99|
|Karma Estates Limited||246,944.90|
|A. Tsokkos Hotels Public Limited||289,399.73|
|Venus Rock Estates Ltd||314,735.49|
|Orphanides Public Company Limited (in liquidation)||355,460.19|
|Aqua Sol Hotels Public Company Ltd||388,764.55|
|Kleanthis Savva Developers Limited||401,748.44|
|Giovani Developers Ltd||420,852.31|
|Alpha Panareti Limited||437,532.43|
|Cyprus Land Development Corporation||446,166.04|
|Lanitis Development Ltd||483,192.39|
|Pafilia Property Developers Limited||1,243,288.11|
|Aristo Developers Limited||2,376,356.10|
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.