Property Tax Updates

Property taxation is extremely important but the lack of training on the subject causes most people to avoid giving it the proper attention.  Most leave the matter to the accountants but ultimately the person in charge will be liable regardless of his/her ignorance.

This seminar will provide a clear and concise explanation of the fundamental property tax concepts covering selling, purchasing and property ownership tax obligations.  This course covers core property tax concepts and principles including capital gain tax, vat on sale of a property, immovable property ownership tax, etc.

Training Objectives

By the end of the programme, participants will:

• Know what property taxation is
• Understand the fundamental laws relevant to property taxation
• Be familiar with the provisions of property tax
• Be aware of the possible remedies in case of tax assessment
• Know the upcoming changes

Training Outline

• An Introduction to property tax
• Immovable Property Ownership Tax
• Imposition of VAT on letting of immovable property – VAT Circular 220
• VAT: Imposition of VAT on transfers of building land
• Cyprus property transfer fees
• Local Authority Fees
• Municipality Tax
• Sewerage Tax
• Stump Duty
• Exceptions
• Cyprus capital gain tax
• Amendments to the Immovable Property Tax Law

Training Style

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred to their workplace. Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar situations.

Who should attend

The programme is ideal for:

• People who work in accounting departments and have no prior tax knowledge or wish to refresh their knowledge on the latest updates
• Any individual who wishes to gain some basic tax knowledge and comprehension on property taxation