TAX INFO Q3/2015

TAX INFORMATION 3/2015

Immovable Property Tax in Cyprus

 

Every company, organization and individual which owned property or leased property in Cyprus on 1 January 2015 is subject to immovable property tax for the year 2015. The tax is calculated based on the market value of immovable property as at 1 January 1980.

Immovable property value

Rate
(per thousand)

0 – 40.000

6‰

(Minimum tax €75)

40.001 – 120.000

8‰

 

120.001 – 170.000

9‰

 

170.001 – 300.000

11‰

 

300.001 – 500.000

13‰

 

500.001 – 800.000

15‰

 

800.001 – 3.000.000

17‰

 

3.000.001 and over

19‰

 

Immovable property owners with total immovable property value not exceeding €12.500 (1.1.1980 prices) are exempt from immovable property tax. Immovable property owners with total immovable property value of €12.501 and over are subject to immovable property tax on the total value of their property and the exception does not apply.

With an amendment to the Immovable Property Tax Law the deadline for paying the immovable property tax for the year 2015 is extended from 30 September 2015 to 31 December 2015.

Furthermore the following discount will apply if the tax liability is settled by 1 December 2015.
20% discount for settling the tax due via the internet or at a licensed banking institution
• 17.5% discount for settling the tax due at the Tax Department’s cash desks

In case a person delays to settle the tax obligation at the due date (31 December 2015) will be subject to 10% penalty on the due tax and/or any applicable penalties.

PEK LTD
September 2015

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