The
Government of Cyprus has announced plans to amend the country's
Immovable Property Tax, exempting the lowest-valued properties but
also scrapping a EUR75 minimum payment.
Property
tax in Cyprus is currently based on valuations made in 1980, although
the amount payable by a taxpayer is determined by their total
property value taken together. If the Government’s intentions
become law, those whose total property is valued at EUR5,000 or less
will no longer have to pay anything. Total property valued at between
EUR5,000 and EUR40,000 will now be taxed at 0.6 percent.
A
Government spokesperson explained that the move, decided at a cabinet
meeting in Troodos, would correct distortions in the tax system and
remove an administrative cost.
From
next year, the 1980 valuation will be updated to 2013 values. The
spokesperson added that it was expected that the re-valuation would
return EUR10m to taxpayers.
Property
tax in Cyprus is due to be paid by November 15. It was also recently
announced that those who pay by October 16 will receive a 10 percent
discount, but that those who miss the deadline will be subject to a
10 percent surcharge.
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