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€55m Immovable Property Tax collected

Immovable Property Tax (IPT) amounting to €55.5 million had been paid by 193,833 taxpayers (72 per cent of the total number) by mid-November, according to senior tax officer Klelia Papadopoulou.

Immovable Property Tax collectionIMMOVABLE property tax (IPT) has been paid by some 72 per cent of taxpayers who benefited from the 20 per cent discount for those who settled their dues before the end of this month, it emerged on Friday.

The tax department said it had collected €55.5m, or 56 per cent of the amount it expected to put in the state coffers. It is understood that the figure included tax paid in the first two weeks of November.

Senior tax officer Klelia Papadopoulou said 193,833 taxpayers had paid their dues out of a total of 268,916.

The figure includes 50 per cent of homeowners whose properties were in the high tax scale.

In respective lower- scale figure was between 60 per cent and 70 per cent.

Total IPT was estimated at €127m not including the 20 per cent discount offered to those who pay by the end of November. With the discount, the state expects to collect around €102m.

The discount is given to people who pay by the end of November either online or through a bank. The discount for paying directly at the tax office is 17.5 per cent.

There will be no discount in December and a 10 per cent penalty will be added on the tax due for those missing the December 31 deadline.

Ms Papadopoulou expected the amount to rise by the end of November as it was usual for most people to wait until the last moment, especially businesses who had larger amounts to pay.

Readers' comments

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  • Report from Cyprus Mail – 30th November:

    Queues to claim IPT discount

    Though not as bad as previous years, queues were seen on Thursday at the tax office as people scrambled to pay their immovable property tax (IPT) before the end of the month, and get the early payment discount granted by the government.

    A 20 per cent discount is given to people who paid by the end of November either online or through a bank. The discount for paying directly at the tax office is 17.5 per cent.
    It is understood, however, that the discount will also be given on Tuesday, probably because in many cases salaries had not yet cleared.

    Businesses, which have higher IPT, may have delayed their payment also.

    No discount will be afforded for the rest of the month and a 10 per cent penalty will be added on the tax due for those missing the December 31 deadline.

    Last week, the tax department said it had collected €55.5m, or 56 per cent of the amount it expected to put in the state coffers. It is understood that the figure included tax paid in the first two weeks of November.

    Total IPT was estimated at €127m not including the 20 per cent discount. With the discount, the state expects to collect around €102m.

  • Brian says:

    Please can some one tell me if you are sent these bills by post ?? To our Cyprus apartment or too home address In the uk ? I have not paid this we have paid our apartment in full in Cyprus and go twice or three times a year. We are not trying to avoid paying but how too we go about it ?? And how much will we have too pay ?? We have a one bed apartment which was built off plan now 7 year ago we don’t have deeds and this is something else we need too look into as well please if anyone can advice us much appreciated thanks in advance.

    (Editor’s comment: You should have registered with the Tax Office last year when the law was changed – see Paying Immovable Property Tax 2014.

    I suggest that you email the appropriate District Tax Office:

    Nicosia [email protected]
    Limassol [email protected]
    Larnaca [email protected]
    Paphos [email protected]
    Famagusta [email protected]

    and ask them to send you the relevant forms to complete and return.

    As you have a one-bed apartment, the IPT will be minimal – and you’ll probably be exempt.)

  • Deanna says:

    So there are still 50% owners of expensive properties who haven’t paid, yet only @ 35% in the more lowly bracket.

  • Peter Davis says:

    All taxes are dead money.

    Taxes neither create job or growth. They takeaway the disposable income of the individual, so that person will spend less on commodities and services which encourage growth. They also reduce the standard of living of the taxpayer.

    So this isn’t really a victory.

    Still, taxes do pay for our civil servants to enjoy their lifestyle. The top rich 20% paid for and supported by the poorest in society.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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