Revenue Department of Cyprus gathered about €93 million through the collection of annual property tax. 207,000 registered owners already paid the tax, accounting for nearly 90% of the total amount homeowners, according to ee24.com referring to cyprus-property-buyers.
To achieve such impressive performance has helped 10% discount provided by the Government of Cyprus property owners. The IRS has sent 236,000 tax returns to the owners, 207,000 (87%) of which were completed and paid for by the homeowners. The total amount collected is €93 million.
Now that the discounts on annual tax expired, the remaining owners will have to pay the tax in full until November 15, 2013. Those who do not pay tax to the November 15, will be required to pay a 10% penalty.