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Eighty per cent IPT revenue collected

In 2013 the Cyprus government collected €98 million Immovable Property Tax (IPT), approximately 80 per cent of the total according to figures provided to Parliament by the Finance Ministry.

Eighty per cent IPT revenue collected ONLY 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.

Readers' comments

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  • MartynG says:

    As Nigel is suggesting, Karen, the horrendous, historic Title Deed scams will not be, nor are they likely to be, addressed in the foreseeable future. Too many people are implicated: – developers, lawyers, bankers and other ‘professionals’ – for any serious attempts to unscramble these problems be introduced. Notably, despite ‘overtures’ the Troika seem reluctant to discuss these complex problems, they typically ‘work around the edges’ So, as Nigel says, collectively these people ‘have you over the proverbial barrel.’ Sadly these problems will take years, possibly decades, to be properly addressed. Joint Actions by those affected could make some inroads but, sadly , it could well be ‘don’t hold your breath’.as no Cyprus government seems, yet, to have made any serious attempts to ‘sort’ these problems.

  • @karen mcmellon on 2014/10/24 at 3:20 pm – Unfortunately this ‘extortion’ has been going on for many years and regrettably the government appears either unwilling or unable to deal with the problem.

    The nefarious developers who extort money in this way know they have their purchasers over a barrel and invariably blackmail them into paying by using the threat of withholding Title Deeds to elicit payment.

    Of course you can sue these ‘crooks’ but the cost of doing so will be greater than the money they demand.

  • karen mcmellon says:

    Would get more income from non deed holders who are having to deal with corrupt developers ….. happily pay tax to government but not developers over rated demands…. !!!

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


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