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On 27 January the Cyprus parliament approved a new law which provides for the payment of overdue taxes by monthly installments.

Alerts on tax law amendments and other tax related matters are issued periodically to keep you up-to-date with the latest local tax developments.

Immovable property tax is payable annually, calculated by reference to the market value as at January 1 1980 of immovable property owned by the taxpayer at the beginning of the calendar year.

The House of Representatives has passed a law whereby natural and legal persons who owe taxes can pay off their debt in instalments.

The Value Added Tax (Amendment) Law of 2016, which took effect on 18 November 2016, amends the Value Added Tax Laws of 2000-2015 with regard to the reduced rate of VAT payable on owner-occupied residential property.

In December 2015 the Cyprus tax laws were amended to temporarily exempt loan restructurings from tax in order to facilitate and encourage the restructuring of non-performing loans.

The Department of Merchant Shipping has recently issued guidance on several aspects of the tonnage tax system under the Merchant Shipping (Fees and Taxing Provisions) Law (44(I)/2010).

On 1 June 2016, the Cyprus Council of Ministers approved the reduction of immovable property tax rates by 50% from 1 per mille (that had been initially proposed) to 0.5 per mille

The Cyprus Tax Department has issued a reminder that 3 July 2018 is the final date for submitting applications for payment of overdue taxes by monthly instalments under the Process of Adjustment...

The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for all nationally imposed taxes

The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) established a procedure for settling tax arrears by monthly instalments.

The Tax Department of the Republic of Cyprus has issued a press release regarding the payment of tax on real estate for 2015.

The Cyprus parliament has enacted a number of laws to reflect the current economic situation and allow extra time for payment of taxes following the disruption to the economy that took place earlier in the year.

VAT originally would have been charged at the standard rate of 19% on the value of the plot.

A tiny Mediterranean country, settled between the borders of ex-Yugoslavia member states, is in the spotlight for its rapid and sustainable growth. The beautiful blend of stunning mountains...

As from 22 February 2021 a levy of 0,4% applies on all disposals of immovable property that are within the current control of the Republic (i.e. both trading-nature and capital-nature disposals).

On 14 July 2016, the House of Representatives approved changes to the Immovable Property Tax Law (the "Law").