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Monday 19th April 2021
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IMF: Reinstate Immovable Property Tax

The International Monetary Fund (IMF) has called on Cyprus to consider reinstating the Immovable Property Tax, which was withdrawn this year, and raising transfer duty to increase revenues.

Immovable Property Tax unpaid

Twenty five owners of properties valued in excess of €3 million at 1980 prices failed to pay their Immovable Property Tax by 27th December according to information from the Tax Department.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Immovable Property Tax discounts

The Tax Department will start sending Immovable Property Tax demands today that will include significant discounts agreed by parliament earlier this year of 75 per cent if they settle their account by 31 October.

Immovable Property Tax payments

In September the Tax Department will start sending Immovable Property Tax notices to some 237 thousand taxpayers who will find their tax bills reduced to 25 per cent of the amount demanded last year.

Immovable Property Tax 2016

The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.

Property tax farce

The Cyprus government has changed its proposal regarding Immovable Property Tax because, according to media reports, municipalities have already started to send out property tax notices.

Over 306,000 to pay Immovable Property Tax

If the Cyprus parliament passes the proposed changes to Immovable Property Tax the government expects to collect €44.4 million from more than 306,000 taxpayers, while some 65,000 taxpayers will be exempt.

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