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IPT payment extension anticipated

EDEK MP, Nicos Nicolaides, has proposed that the deadline for paying Immovable Property Tax (IPT) is extended until 31st December and that the early payment discount is extended by a month.

A PROPOSAL to extend the deadline for payment of immovable property tax (IPT) by a month, as well as an extension by one month of the 15 per cent discount has been welcomed by the political parties, head of the House Finance Committee Nicolas Papadopoulos said on Monday.

According to EDEK MP’s Nicos Nicolaides’ proposal, the latest payment date for IPT will be December 31, instead of the end of November as had been announced. Homeowners will receive 15 per cent discount if they settle their account by November 30, instead of the end of October.

A 10 per cent penalty plus interest and other administrative fees will be charged if IPT is paid after December 31.

As part of the bailout, the government was supposed to have updated real estate values by mid-2014, but in July, the parliament decided that this year’s IPT rates would be based on 1980s values, like last year, while the new system is expected to be implemented in 2015.

IPT payment extension anticipated

Editor’s comments

The revised Memorandum of Understanding (MoU) issued in September 2014 calls on the Cyprus Government to:

“implement the recurrent immovable property tax for the tax year 2015 based on a General Valuation (GV) for all immovable properties, determined on the basis of tangible building- and plot related characteristics. The design of the immovable property tax should ensure a broad tax base and IPT proceeds not lower than in 2013.

“A draft of the proposed tax rates and thresholds will be submitted for timely consultation with programme partners by Q4-2014. Following consultation with programme partners, the final design of the immovable property tax will be adopted by the House of Representatives by Q1-2015.

There is some speculation as to whether the Government will be able to achieve this goal in light of the many thousands of objections it has received to the 2013 property valuations.

Readers' comments

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  • @Gordon on 2014/10/31 at 11:22 am – I can only go from my experience. Last year I paid our IPT at the Inland Revenue and got a receipt. This year I paid on-line (JCCsmart) and got a receipt. Who did you pay?

  • Gordon says:

    I do NOT mind paying, IF it is the Law, whether you pay the Developer and/or the Government, BUT ! Why will they NOT give me RECEIPT ??????

  • dimitri says:

    Same joke as the road tax extension, don’t see why those who are prudent or frugal enough to pay on time should not get some reward also! every year the same thing they extend the deadline….

  • UBoat says:

    @ Mike
    I to am not in Cyprus nor will be for a while. I contacted my local Tax office. Who told me to obtain info from my developer for the IPT form (the number escapes me) then email it direct to him. I RECEIVED A REPLY A FEW DAYS LATER TELLING ME ALL WAS IN ORDER. And on this occasion No action was needed.

    I do think there are certain people who play dumb and tell a load of rubbish just to try to mess people about. Because they can. Damn shame really.

    Good luck.

  • Chris Elliott says:

    The only reason that the Government have extended the deadline as the so called developers were suppose to provide full details of the buyers who purchased properties to collect the IPT as not been paid by the Developer. Pity that the Government are not so reactive coming forward to issue the tittle deeds as more opportunity to extract more money to burn.

  • Mike says:

    I informed my municipal council secretary prior to the IPT bills being calculated and printed that this year I will be overseas for a few months and asked if my bill could be posted to me. It can’t be. I then offered to leave a sum of cash from which my tax can be taken and the remainder could either be donated to the local school or kept aside until my return – that too is not possible. There is no facility for me to pay online so I will obviously not be paying until my return in the new year which may not be until February or March. Why a bill cannot be posted overseas I fail to understand but so be it. Am I alone in thinking that despite our constant claims to the contrary our digital services are somewhat antiquated.

  • Uboat says:

    I bet in a months time this deadline will be extended again….
    seems to me that they are panicking people into paying Tax on something they don’t own in most cases….. where are the EU officials and rules when we want something ???
    Let the innocent pay and the guilty do what they like….. Some protection we have from Europe. ….
    have a nice day…

  • John Swift says:

    Keep up the pressure on the MEPs, they are paid to take up these matters, keep up the pressure on them.

  • Andrew says:

    They seem quite happy to demand IPT payments, yet quite unwilling to issue unencumbered title deeds to duped home buyers.

    Don’t worry if you lose your home due to foreclosure of your developer NPL. Just keep paying the taxes

    Welcome to the EU. Fairness and justice for the few.

  • Kal says:

    The words “party” and brewery spring to mind. Do they EVER get anything right ?

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