The plenary of the House of Representatives voted on July 14, 2016 the reduction of immovable property tax between 72.5% and 75% for 2016 and to abolish it from 2017 onward.
The new legislation provides that for the year 2016, the Immovable property tax will be reduced by 75% of the amount calculated with the existing provisions in place (based on its value on January 1st, 1980) provided that it is paid until October 31st 2016.
In case the tax is fully paid between 1st November and 31st December 2016 the tax, which has to be paid, will be reduced by 72.5%.
The legislation further includes the imposition of a penalty of 10% on the 27.5% of the taxable amount if it is not settled by December 31st 2016.
According to the legislation the IPT is from 1st January 2017 onwards.
Published on Friday 22nd July 2016