articles | 12 September 2016

Cyprus' property tax slashed up to 75% in 2016

Cyprus' taxpayers are set to pay a significantly reduced property tax in 2016 with discounts of up to 75% from last year’s levy.

In statements to CNA recently, senior Tax Department Official, Klelia Papadopoulou said that around 260,000 taxpayers would receive payment notifications by mid-September 2016, who, if their property holdings have not changed since last year, should expect to pay less.

Taxpayers who pay their immovable property tax by the end of October they will pay only 25% of the amount of the tax they paid last year, 27,5% if they pay by the end of December and 30,25% (plus taxes) if they pay in 2017.

Concluding, Papadopoulou said that in 2017 the government’s tax on immovable property will be fully abolished but taxpayers will pay the immovable property tax imposed by the municipalities and local councils.

Source: InCyprus

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