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Cyprus Keeps 1980 Valuations To Calculate Property Tax

by Lorys Charalambous, Lowtax.net, Cyprus
15 July, 2014

Lawmakers in Cyprus have voted to retain 1980 property valuations as the basis for calculating the country's Immovable Property Tax for the year ahead, postponing an agreement made with bailout lenders that the country would update property values.

Party leaders agreed on a bill that amends current legislation while keeping old values. The bill pushes back the deadline for making payment by one month to the end of November, and increases a discount for early payment by five percentage points to 15 percent. It also specifies that the tax is payable by the user of a property, rather than its registered owner. Just one Member of Parliament opposed the move.

It is now intended that property values as of January 1, 2013, will be used after an overhaul planned for 2015.

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