The Cyprus Parliament passed legislation on reduction of Cyprus Immovable Property Tax for the year 2016 onward.
The tax base will be that of year 2015 but the resulting tax will be reduced to 25% for those who will pay their Cyprus Immovable property tax until 31 October 2016.
If the resulting Cyprus Immovable Property Tax is paid between 1 November and 31 December 2016, the reduction will be at 27.5%.
If the resulting Cyprus Immovable Property Tax is paid after 31 December 2016, there will be an additional charge of 10% of the tax due, plus interest and any administrative fines provided for in the legislation.
The legislation also provides the abolition of the Cyprus Immovable Property Tax from 1 January 2017 onward.
PKF / ATCO Limited is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. This publication is for information purposes only and should not be considered as professional advice.