Tax Break for early payment of IPT

The Cyprus International Financial Services Association has highlighted that those paying the Government their immovable property tax dues before October 31, 2014, ahead of the November 30, 2014, deadline, will receive a 15% discount, TaxNews reports. Cyprus’s tax on Immovably property (IPT) is due in respect of any property valued in 1980 to be worth more than 12500 euro, with progressive rates ranging from 0,6% to 1,9% on properties valued over 3 million euro.

Any IPT paid after November 30, 2014, will be subject to a ten% penalty, plus interest any other administrative charges.