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PostPosted: Thu Jun 20, 2013 10:15 am 
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Junior

Joined: Tue Feb 08, 2011 2:42 pm
Posts: 63
Dear All,

Under the provisions of the revised Immovable Property Tax law, all the owners of property in Cyprus will be liable to pay Immovable Property Tax.

The Tax Office will not send out any bills, it is your responsibility to go there with a copy of your title deed, your passports (and a copy) to the Tax Office and complete some and pay.

This is as follows:

1. Are you a Cyprus tax resident and a tax ID number were given to you have not previously submitted a declaration of immovable property, and then you have to complete the forms 301, 302 & 303 with a copy of the registration title

2. Are you a tax resident in Cyprus and have a tax ID number was given to you and you have submitted in the past property declarations, then you have to complete the form 303 with a copy of the registration title

3. If you are not a tax resident in Cyprus and have not submitted a property statement in the past, then you have to complete the forms 301, 302 & 303, with a copy of the registration title and also form with a copy of your passport. Do not forget to indicate and address in Cyprus for your mail to be sent.

The Immovable Property Tax is based on the valuation on 01/01/1980, this valuation is noted on your title deed.

The calculations will be as below, but with a minimum payment of Euro 75. (This applies for each owner on the title deed)

Euro Value

1 – 40.000 6.0‰

40.001 – 120.000 8.0‰

120.001 – 170.000 9.0‰

170.001 – 300.000 11.0‰

300.001 – 500.000 13.0‰

500.001 – 800.000 15.0‰

800.001 – 3.000.000 17.0‰

3.000.001 – and above 19.0‰


Also, any payments made before 31 August 2013 will receive a 10% discount. For payments after 30 September 2013 there will be penalties and interest on the amount.

For any questions on the above you can call my office on 26 220 808 for an appointment.

Kind Regards,


Haris Kalogirou


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PostPosted: Thu Jun 20, 2013 1:14 pm 
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Top of the pops
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Joined: Thu Jan 03, 2008 8:08 pm
Posts: 11399
Location: Kallepia, Pafos.
Just to confirm for those like me who are a little hard of reading (especially small print) these figures are per thousand ('000) so therefore similar to a point of a percent.

For 6% per thousand read 0.6% per hundred (normal counting).

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PostPosted: Thu Jun 20, 2013 2:35 pm 
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Master

Joined: Wed Jan 16, 2008 11:23 pm
Posts: 414
Location: Peyia
I will wait until next year, June, when the IPT will be incorporated into your tax return. I will put the money aside and also accept the fine.

I just have a funny feeling that as this IPT doesn't come into Law until September this year that payments made now may be ending up in the pockets of the Inland Revenue staff - call me a cynic if you like I have been here for 12 years.

Until it is official the Law anything can happen. The Law could be changed - you won't get your money back will you. Cyprus could be forced out of the eurozone. the eurozone could collapse - you won't get your money back either.

So lets see what the situation is in a years time.

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Clive of Payia


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PostPosted: Thu Jun 20, 2013 4:08 pm 
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Top of the pops

Joined: Wed Mar 31, 2010 5:30 pm
Posts: 2107
Location: UK/ex Peyia
My sentiments entirely Clive,until the law is actually on the statute books my money will stay firmly in my pocket.
I also dissagree with some valuations any way. Last year we got our title deeds and on them it states 18.000euros 1/1/1980 which I would think was still over the top for a property of our size in 1980. I only paid 75k cy pounds in 2005 . However, Peyia municipality in their wisdom says it is worth 180,000 euros so relieve me of their local taxes based on their valuation. Having had it up for sale for the past 5 years and having dropped it to below a 100K last year then how can they possibly know the value is correct ? I was told that any property under a 100K Cy Pounds was exempt from IPT when we bought but still had to pay the developer the IPT he maintained to have paid on it for 6 years prior to the deeds being released. Daylight robbery once again and another nail in the coffin for the Cypriot property market.
What about all the Cypriot houses that are not even registered and the ( summer Kitchen) under the house that Yia Yia and her Phillipino maid live in ? Will they all be put on record and will they all be paying ? I think not so neither will I until they ALL pay.


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PostPosted: Fri Jun 21, 2013 3:51 am 
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Master

Joined: Wed Jan 16, 2008 11:23 pm
Posts: 414
Location: Peyia
IPT payments will of course be another govt. form to be signed off if you sell your property. If your not selling then you can wait and see what develops. None of my GC friends have any intentions of paying it. In many instances where several members of the family have a legal share of the land/house you have a nightmare scenario similar to the issuance of TD's.

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