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

Eighty per cent IPT revenue collected

Eighty per cent IPT revenue collectedONLY 80% of the total Immovable Property Tax (IPT) was paid last year according to figures submitted to Parliament by the Finance Ministry.

Overall, the state collected €98 million out of the €135 million for which tax notices were issued and offered a 10% discount for those who paid by the due date.

Compared to previous years, the percentage of tax paid is relatively high. In a written reply to a question raised by George Perdikis MP, Finance Minister Haris Georgiades said that the compliance rates for IPT for years 2008 to 2013 were 39%, 36%, 77%, 46%, 52% and 80% respectively.

The Finance Ministry’s figures showed that until July 2014, 2,802 individuals and companies had not paid IPT for 2013 and that their unpaid tax amounted to €20.8 million.

For those who were registered with the Inland Revenue Department, IPT notices were sent to their last known residential address.

Those who had not registered with the Inland Revenue Department were registered automatically using information made available to the Department. In these cases IPT notices were sent regardless of the taxpayer’s place of residence.