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Cyprus

IPT payment extension expected

A proposal to extend the deadline for payment of immovable property tax (IPT) by a month, as well as an extension by one month of the 15 per cent discount has been welcomed by the political parties, head of the House Finance Committee Nicolas Papadopoulos said on Monday.

According to EDEK MP’s Nicos Nicolaides’ proposal, the latest payment date  for IPT will be December 31, instead of the end of November as had been announced. Homeowners will receive 15 per cent discount if they settle their account by November 30, instead of the end of October.

A 10 per cent penalty plus interest and other administrative fees will be charged if IPT is paid after December 31.

As part of the bailout, the government was supposed to have updated real estate values by mid 2014, but in July, the parliament decided that this year’s IPT rates would be based on 1980s values, like last year, while the new system is expected to be implemented in 2015.

 

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