Cyprus Property Tax Reduction of Over 70% in 2016
- Aug 10, 2016
- 1 min read
The plenary of the House of Representatives voted on July 14 to reduce immovable property tax between 72.5% and 75% for 2016 and to abolish it from 2017 onward, Cyprus News Agency reports.
The legislation passed by a majority vote of 29 for, 18 against and 5 abstentions.
In particular MPs voted for a legislative proposal jointly submitted by ruling part DISY and opposition parties DIKO, social democratic EDEK and the Solidarity Movement which stipulates that the payable immovable property tax from 2016 will be at 25% of the amount calculated with the existing provisions in place, that is to say its value on January 1st, 1980 provided that it is paid until October 31st 2016.
The new legislation also provides that in case the tax is fully paid between November 1st and December 31st the tax, which has to be paid, will be at 27.5% of the taxable amount on the basis of existing provisions in place.
It further includes the imposition of a penalty of 10% on the 27.5% of the taxable amount if it is not settled by December 31st 2016.
The legislation also provides the abolition of the tax from January 1st 2017 onward.
It was voted by the MPs of DISY, DIKO, EDEK and the Solidarity Movement. AKEL and ELAM MPs voted against it while MPs of Citizens Alliance and Greens – Citizens Cooperation abstained.
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