The Ministry of Finance announced the permanent reduction of transfer fees. The reduction was implemented by the enactment of the Land and Surveys Department (Fees and Rights) (Amendment) (No 2) Law of the 14.07.2016. Consequently the temporary arrangement which provided a reduction of 50 per cent of transfer fees until 31.12.2016 is now made permanent. According to…
The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid…
Under amendments to the Immovable Property Tax law, owners of immoveable property property in Cyprus are now liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January 2013, on the basis of the assessed valuation as at 1 January 1980. For subsequent tax years,…
Following the amendment to Contract Law, Cap 149 by Law 99(I)/2013, a penalty fee is now imposed on purchasers of immovable property in the event that they delay filing their contract of sale at the District Land Registry Office. Under the provisions of the amending legislation published on the 09.09.2013, purchasers of immovable property who…
Following the amendment of the Immovable Property Tax Law, all owners of immoveable property property in Cyprus are liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January each year, on the basis of the assessed valuation as at 1 January 1980. The legislation…
Following the amendment of the Immovable Property Tax Law (No. 24/1980) on the 30.04.2013 by Law 33/2013 , all owners of property in Cyprus are now liable to pay an annual tax to the Inland Revenue based on their aggregate property holdings as of the 1st of January each year, on the basis of the…