Tax Break for Early Payment of IPT
- DATE: Oct 05, 2014
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- CATEGORY: TIPS & ADVICE
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- AUTHOR: OPulse Admin
The Cyprus International Financial Services Association has highlighted that those paying the Government their immovably property tax dues before October 31, 2014, ahead of the November 30, 2014, deadline, will receive a 15% discount, Tax News reports.
Cyprus's tax on immovable property (IPT) is due in respect of any property valued in 1980 to be worth more than €12,500, with progressive rates ranging from 0.6% to 1.9% on properties valued over €3 million.
Any IPT paid after November 30, 2014, will be subject to a ten% penalty, plus interest and any other administrative charges.
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