Cyprus Mail

‘Time to pay’ as dust settles on IPT law

File photo: Inland Revenue

By Poly Pantelides 

THE INLAND Revenue Department (IRD) has issued an announcement clarifying the payment methods for this year’s immovable property tax following approval of the law by Parliament on Thursday.

People can pay through or else through the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Ethniki Bank (Cyprus), Piraeus Bank (Cyprus) Ltd, Emporiki Bank-Cyprus, USB Bank, and Eurobank (Cyprus). Taxpayers may also pay through their co-operative banks.

“Taxpayers wishing to pay through the website, should input the JCC reference number printed on the Immovable Properly Tax Return sent and pay using their credit card details,” IRD said.

Those wishing to pay through a bank, should submit the Immovable Property Tax Return, their Identity Card, and the amount of tax in cash or credit card, as they would to pay road tax.

Paying online allows taxpayers to get a break down of how the IPT was calculated. The IRD itself does not break down individual properties and the respective taxes, because they said they could not cope with the additional workload. Those who want to check out the figures may also show up at IRD with their ID card for verification. With lawmakers only finally agreeing on the final IPT figures this Thursday, people have been slow to pay their tax. As of Monday, only some €15 million had been collected, significantly short of the €130 million target. Lawmakers have now agreed to exempt properties valued under €12,500, at 1980 values.

There will be no minimum fee payable. For any property above the tax threshold, the IPT will be paid in full. For example a property worth €12,500 and over will be taxed for the full amount. The IPT is calculated on the sum of the properties registered under a person with joint owners paying pro-rata.

The IPT is an obligation Cyprus has assumed as part of a €10 billion international bailout agreed this March. Ruling party DISY and opposition AKEL abstained from voting on Thursday.

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