Abolishment of immovable property tax as of 1 January 2017
On 14 July 2016, the House of Representatives voted the Bill with which the immovable property tax is changed. According to the amended law:
Cyprus Immovable Property – 2016
– If Property Tax for the year 2016 is paid until 31 October 2016 then the payable amount will be reduced by 75%.
– In case that property owners pay up the immovable property tax between 1 November and 31 December, the relevant payable amount will be reduced by 72.5%.
– If Cyprus Immovable Property Tax is not paid by 31 December 2016 the law provides for the imposition of a penalty of 10% on the reduced payable amount (by 72.5%).
Cyprus Immovable Property – 2017
– The immovable property tax will be abolished by 1 January 2017.