TAX INFORMATION 3/2016
Immovable Property Tax
On 14 July 2016, the House of Representatives voted changes to the Immovable Property Tax Law. According to the changes the immovable property tax for year 2016 is reduced to 25% of the total tax arising using the current rates and abolish the immovable property tax as from 1 January 2017.
The immovable property tax calculation will be based on the same scales as last year, on owned property or leased property in Cyprus on 1 January 2016 based on the market value of immovable property as at 1 January 1980.