On 14 July 2016 the Cyprus Parliament voted through a bill of law amending the tax on immovable property.
On the basis of the newly amended law the tax imposed on immovable property has been reduced for 2016 to 25% of last year’s immovable property tax. Property owners are requested to pay the immovable property tax by 31 October 2016.
In the event that property owners pay the immovable property tax during the period 1 November and 31 December the tax imposed will increase to 27,5% of last year’s taxation. If however the tax is not paid by 31 December then the law provides for the imposition of a monetary penalty of 10% on the 27,5% taxable amount.
Lastly, according to the amended law the immovable property tax will be abolished with effect as of 1 January 2017.
