Cypriot government to impose immovable property tax
All companies, organisations and individuals, either residing in Cyprus or abroad, who had immovable property registered in their name in Cyprus as of January 1, 2014, are subject to Immovable Property Tax, if the total value of their property on January 1, 1980 is valued over €12,500, the Tax Department has announced.
Said Immovable Property Tax for the year 2014 is due for payment no later than November 30, 2014, the statement continues.
The statement further clarifies: “In case you don’t receive a tax assessment during August or if you so receive, but not all of your immovable property is included therein, then you are obliged to file a declaration and pay the correct amount of tax.”
In cases where the property of a deceased person has not yet been transferred to the legal heirs, the legal heirs still have an obligation to pay the correct amount of tax, the relevant Department explains, by incorporating the value of the share of the property inherited into their declaration.
Should any party have an objection, they are advised to notify the Department by September 30, 2014 by visiting the Immovable Property Tax division of the District Office at which said party’s file is kept, bringing along the relevant tax assessment.
Should a party reside abroad and wish to object, the latter may be submitted online.
Discounts are applicable if the tax is paid prior to the deadline. For more information, visit http//www.mof.gov.cy/ird.
Source: goldnews
