THE INLAND Revenue Department has announced that it will start sending out Immovable Property Tax notices to property owners at the end of August to pay their annual property tax imposed as part of the bailout memorandum.
A spokesman from the Inland Revenue said that owners who pay by the end of October will receive a 15% discount on the amount due; those who pay after the end of October will pay the full amount, but a 10% surcharge and interest will be imposed on those who delay paying until after 30 November.
The spokesman added that a provision in the law stating that the occupant of unregistered property is liable to pay the tax is causing a major headache for Inland Revenue staff. This is due to the fact that the law also states that the property developer is still liable to pay the tax if he is responsible for failing to provide the purchaser with the property’s Title Deed, which has to be proved by the buyer.
Author: Nigel Howarth, news.cyprus-property-buyers.com