Øâ¯ã˜â§ã™â€ Ù„ã™ë†ã˜â¯ Øâ³ã˜â±ã›å’ã˜â§ã™â€ž Once and Again 2003

FINALLY, later more than two months of hot air, speculation, rumour and contend, amendments to the Immovable Property Tax police force for 2013 were passed by a slim majority of MPs at yesterday's plenary session of the House of Representatives.

But 15 of the 54 MPs present voted for the pecker amendments; 39 abstained.

Under the revised provisions of the Immovable Property Taxation Law (No. 24/1980) all owners of belongings in Cyprus whose 1980 value exceeds €12,500 are liable to pay an annual tax to the Inland Acquirement based on the total 1980 value of all immovable belongings registered in their proper noun on 1st January 2013.

The amendment affects around 52,000 holding owners and will event in some €12.7 million less acquirement for the state.

The revised law, which was originally introduced in May, is designed to achieve i of the bailout atmospheric condition that Cyprus agreed with its international lenders, i.e. to ensure that a farther €75 1000000 is collected by the land from holding revenue enhancement.

The revised Immovable Property Tax rates for 2013 are as follows:

Assessed 1980 Property Value	Tax Rate	Taxation	Cumulative Tax
€i to €12,500	nil	€0	€0
€12,501 to ?€40,000	0.vi%	€240†	€240†
€40,001 to €?120,000	0.8%	€640	€880
€?120,001 to €?170,000	0.ix%	€450	€1,330
€170,001 to €?300,000	one.one%	€ane,430	€2,760
€?300,001 to €?500,000	ane.iii%	€2,600	€5,360
€500,001 to €?800,000	i.5%	€4,500	€9,860
€800,001 to €?iii,000,000	1.7%	€37,400	€47,260
More than ?€iii,000,000	1.9%

^†Those owning holding whose full 1980 value exceeds €12,500 volition pay tax on their total 1980 value.

The changes brought nigh past the concluding prepare of amendments for the current tax year:

• Remove the minimum IPT payment of €75.

• Exempt owners of properties whose full 1980 value is no more than €12,500 from IPT.

• Owners of properties whose 1980 value exceeds €12,500 volition pay tax on their total 1980 value and volition not benefit from the €12,500 exemption.

To date, Immovable Holding Taxation notices take been sent to all owners of properties whose 1980 value is €12,500 or more than and the country has collected approximately €xiv.four meg in additional revenue.

How much Immovable Property Taxation (IPT) volition I pay?

The amount of tax you pay will exist calculated by an Inland Revenue officer and will be based on the full 1980 value of all the properties registered in your proper name as shown on their Championship Deeds – or more correctly the 'Certificate of Registration of Immovable Property' – in Greek '????????????? ???????? ???????? ???????????'.

For example, if a property is registered in a single name and has a 1980 value of €60,000, its possessor volition be asked to pay:

On the first €40,000 – 0.6% = €240

On the remaining €20,000 – 0.eight% = €160

Total IPT payable = €400

If the aforementioned belongings is registered in articulation names (e.g. betwixt a husband and wife) each of their IPT liability volition exist calculated on half the 1980 value – €30,000 – and each will be asked to pay:

On their half share (€30,000) – 0.six% = €180

Total IPT payable by both joint owners – €360 (€180 each)

Payment

Permanent residents

Permanent residents can either look for their Immovable Property Tax notices to exist delivered and so register and pay on-line via the JCC Smart website by clicking on the Inland Acquirement icon – or they may visit their local Inland Revenue office, taking with them:

• The Title Deeds for all the properties registered in their proper noun – Form No. 131A – earlier version 131. (Annotation that articulate photocopies may exist adequate).

• Their 'Yellow Sideslip' – Document of Registration – Form No. MEU1.

• A completed Course 303.

• In some cases a completed Form 302 may be required.

• ID Carte du jour or passport.

(Those who have received their Immovable Holding Tax notice may also visit their local Inland Revenue Office or depository financial institution and pay using cash or credit menu, taking the tax notice and ID Menu or passport with them – participating banks – the Bank of Cyprus, Hellenic Bank, Blastoff Banking company Cyprus, Ethniki Depository financial institution (Cyprus), Piraeus Bank (Cyprus) Ltd, Emporiki Depository financial institution-Cyprus, USB Banking concern, Eurobank (Cyprus) or their co-operative banking company).

Non residents

The registered owners of property who are not resident in Cyprus and who are unable to visit their local Inland Revenue role may appoint a representative on the island to deal with this matter on their behalf. They should provide their representative with:

Their permanent address and other contact details.

• A clear re-create of their passport.

• A articulate re-create of the Title Deed for each property registered in their name.

Alternatively, they may transport an email to director@ird.mof.gov.cy stating:

• Their name and contact details (permanent accost and telephone number)

• Details of the property (the title registration number, sheet, programme, block,  and plot as shown on its Championship Deed)

The Inland Revenue will send them the forms to complete and return.

Inland Revenue forms 303 and 302

Inland Acquirement forms 303 and 302 are only available in Greek, just to help English-speakers to complete them I take translated the both forms. In improver I accept mapped the relevant entries on a Title Human action to the relevant tabular array entries on the form 303. (Note that the table on form 302 is identical to that on the form 303).

Click here to download translated class 303 (with instance) and here to download translated form 302.

Early on payment discount

Those who pay their IPT by 5th November will enjoy a 10% discount, while those who delay paying until after the 15th November will face a penalty of 10% on the tax they owe plus a pro-rata 4.75 per cent almanac interest rate.

Inland Revenue assist lines

The Inland Revenue has opened a number of help lines for those with Immovable Property Tax queries:

Nicosia	Limassol	Larnaca	Paralimni	Paphos
22807488	25803700	24803658	23811458	26804342
22807277	25803837	24803655		26804337

Acknowledgements

I would like to give thanks Mrs Liana Charalambous Tanou, Main Revenue Officer with the Inland Acquirement Department in Nicosia, and the management and staff of the Limassol Inland Revenue office for their time and patience in explaining the IPT payment system to me.

Further reading

Pavlos Loizou, Managing Partner at Leaf Enquiry has prepared a presentation on Immovable Property Tax in English and Greek.

gonzalestworaverefor.blogspot.com

Source: https://www.news.cyprus-property-buyers.com/2013/10/18/money-off-your-immovable-property-tax-bill/id=0014973

Share this post