All reports tagged with: "property tax"
There have been a number of changes to various property taxes in Cyprus in recent times and a summary of the impact of those changes for individuals with property on the island are summarised below.
Olive trees have a special status in Cyprus because of their potential to bring in a significant income but here’s a bizarre story about a Cypriot man who was forced to pay property tax on an olive tree he doesn’t own.
Cyprus real estate taxes are steep, unpredictable and complex and must be reduced and simplified if the island’s property sector is to survive and prosper; owning property must be profitable.
A 50 per cent cut in Property Transfer Fees and other tax incentives have been announced by the Cyprus President in efforts designed to attract high-net-worth foreign investors to the island.
People who bought property in Spain are now facing the same problem as those who bought property in Cyprus as the Spanish tax department reassesses the duty payable o their purchase.
Property developers have requested a change to property tax legislation voted by the House last year to avoid the injustices that occurred, CEO of Aristo Developers Theodoros Aristodemou said.
The government has appointed the accounting firm of PricewaterhouseCoopers to advise on the administration and consolidation of the various property taxes; the work should be completed in 3 months.
Having debated changes to Immovable Property Tax for more than a month, it is expected that MPs will vote on the various proposals to amend the law at a Plenary session of parliament on Thursday.
No sooner had the Council of Ministers agreed changes to the Immovable Property Tax rates for 2013 when AKEL stepped in demanding that first residences should be exempted from this tax.
At a meeting in Troodos yesterday, the cabinet decided that those with properties whose 1980 value is €5,000 or less will be exempt from paying IPT and scrapped the €75 minimum charge.