Cyprus Mail
Cyprus Property

Queues to claim IPT discount

Queues at the tax office as home owners rushed to claim the discount for paying their immovable property tax early

Though not as bad as previous years, queues were seen on Thursday at the tax office as people scrambled to pay their immovable property tax (IPT) before the end of the month, and get the early payment discount granted by the government.
A 20 per cent discount is given to people who paid by the end of November either online or through a bank. The discount for paying directly at the tax office is 17.5 per cent.
It is understood, however, that the discount will also be given on Tuesday, probably because in many cases salaries had not yet cleared.
Businesses, which have higher IPT, may have delayed their payment also.
No discount will be afforded for the rest of the month and a 10 per cent penalty will be added on the tax due for those missing the December 31 deadline.
Last week, the tax department said it had collected €55.5m, or 56 per cent of the amount it expected to put in the state coffers. It is understood that the figure included tax paid in the first two weeks of November.
Total IPT was estimated at €127m not including the 20 per cent discount. With the discount, the state expects to collect around €102m.

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