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Cyprus immovable property tax lower by 50%

Cyprus immovable property tax lower by 50%

Cyprus Council of Ministers approved on Wednesday the reduction of the immovable property tax rate by 50% and abolished the immovable property tax collected by municipalities and communities.

“Today we made another important step towards tax reform and reducing the tax burden for households and corporations,” the Minister of Finance Harris Georgiades said following a Council of Ministers meeting.

He said the government came to this decision in its effort to offset the obligation imposed by the EU to charge a VAT rate of 19% on transactions of property in the context of commercial transactions of buildable land.

Furthermore, Georgiades said the Council of Ministers decided to maintain the 20% discount on citizens who timely repay their immovable tax via the internet or through credit institutions and the 17.5% discount for citizens pay their immovable property tax on time at the Tax Department counters.

Georgiades also said the government reduced the transfer fees by 50% for all immovable property sales. “With this proposal, that will be submitted to the parliament the soonest possible, I believe we are taking another step towards reducing those burdens that have been rendered necessary in the previous years,” Georgiades said.

Georgiades explained the 19 VAT is imposed on a plot sales by a land developing companies and not on transactions by natural persons.

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