DIKO MP Angelos Votsis has prepared a bill which would force property buyers to pay property tax before even getting their hands on the Title Deeds, sparing developers millions of euros as part of the new immovable property tax (IPT) regime.
Votsis tabled the bill for discussion in the House Finance Committee on Monday, kicking off discussion on the proposal, which he hopes will conclude before September, when the new IPT legal framework is expected to kick in.
The latest rules on IPT were passed by parliament over a month ago as part of the government’s commitments to the troika, stipulated in the memorandum of understanding signed to secure a €10 billion bailout.
The government said at the time that the IPT bill was a provisional one which would be replaced in the summer, once the authorities have time to prepare a replacement.
In the meantime, the current ‘provisional’ legal framework on IPT provides for the collection of around €136 million in taxes.
Under the new law, all registered owners of property will be liable to pay a minimum of €75 a year for property valued up to €12,500 by the Land Registry based on a 1980 assessment.
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