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IPT payment deadline extended

The deadline for paying Immovable Property Tax (IPT) has been extended until 31st December and taxpayers will receive a 15 per cent discount if they pay before 30th November.

THE HOUSE plenum last night unanimously passed a law extending the deadline for payment of immovable property tax (IPT) by a month, as well as extending by one month the 15 per cent discount.

The legislative proposal, tabled by EDEK MP Nicos Nicolaides, provides that the latest payment date for IPT will be December 31, instead of the end of November as had been announced. Homeowners will receive a 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.

During debate at the House, ruling DISY said it was in favour of this particular extension, provided however that this practice does not become the norm.

Many homeowners were finding it difficult to make IPT payments which time-wise coincide with the payment of municipal tax.

DISY’s Prodromos Prodromou said the government would try to introduce changes so that the two payments do not coincide.

As part of a bailout by international lenders, 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.

Readers' comments

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  • @Patrick Berridge on 2014/11/04 at 1:38 pm – You’ll find details on completing Ε.Πρ.303 at Money off your Immovable Property Tax bill (updated) that I published last year.

    Towards the bottom of the article there’s a ‘Payment’ section advising you how to pay.

  • @Mojo on 2014/11/04 at 1:52 pm – To date more than 7,000 people have read the advice I published from Mr Christofi – I doubt he will answer everyone individually. No doubt he has passed the information on to staff who are dealing with IPT and issuing tax notices and, if you are liable for IPT this year, and IPT notice will be sent to the ‘home address’ you entered on the Form 163A.

  • Mojo says:

    I have sent the details regarding my IPT to Mr. Christofi as recommended by Nigel. I have since tried to contact him to find out if he received my email and the attachments but has not had either a response nor an acknowledgement from him.

    Should I now send hard copies to the tax authorities in Paralimni where my property is located?

    Your advice will be most welcome.

  • Patrick Berridge says:

    we rec’d our titlr deeds in June 2013 and paid an amount to the builders for IPT which went back to when we first purchased the house in 2007(making our 2013 fully paid up but without a specific tax reference to us)

    We are told that to pay our 2014 IPT we will need to complete form T D 303 2014….

    Is this correct…if so where can we get it please…
    …or are we better to go straight to the Limassol tax office and sort everything out from there?
    ..thanks in anticipation

    Patrick

  • @andrew peat on 2014/11/03 at 12:58 pm – Please read the information I received from Mr Christofi at the Tax Office in Nicosia at Paying Immovable Property Tax 2014.

    It contains details of the forms you need to complete and the email address to use. If you have any IPT liability a tax demand will be sent to your home address.
    Copyright © Cyprus Property News

  • andrew peat says:

    hi.. have tried to sort IPT from UK but having no luck, sent emails to all the emails you have put in your letters, sent all details to tax dept in Nicosia and Paphos tax dept by email (it comes back disk full and will not except) and phoned too … no one ever get back to me, any advise? thanks

  • @M Smye on 2014/11/03 at 9:57 am – IPT is levied on the total of the 1980 values of properties purchased or owned by an individual or company.

    I suspect that the 1980 value of the property you purchased is somewhere in the region of €20,000. As you are the sole purchaser/owner you will pay IPT at the rate of 0.6% (€120). However as your neighbour’s property is jointly/purchased the 1980 value of the property they each own is €10,000 (which is below the €12,000 threshold at which IPT becomes payable).

    My wife and I jointly own our home, but as this is valued at more than €25,000 we both have to pay IPT.

  • M Smye says:

    Why is a tax that is meant to be a property tax seems to be a tax on single owners of properties. My neighbours in an identical property have to pay nothing but I had to pay about €120. This doesn’t make sense to me as surely the property should be taxed rather than the number of owners. Taxing the property only would bring in much more revenue for the government.
    Mike

  • Stuart says:

    Moving the goal posts by one month is hardly likely to make a great deal of difference to the amount of IPT revenue raised by the taxation authorities. Apart from the fact that 31 December is a more psychologically compelling date which should have been chosen in the first place, there remains little incentive for those determined not to pay to change their behaviour. The rate of unsuccessful IPT collection in previous years says it all.

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