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Amendments to Immovable Property Tax Law

The amended IMP Tax Law provides as follows: 

  • Taxpayers that settle their 2016 IMP tax liability by 31 October 2016, are required to pay only 25% of the total tax due (75% discount).
  • Taxpayers that settle their 2016 IMP tax liability during the period 1 November 2016 – 31 December 2016, are only required to pay 27.5% of the total tax due (72.5% discount).
  • Taxpayers that do not settle their 2016 IMP tax liability by 31 December 2016, will be subject to an additional 10% charge, imposed on the 27.5% tax due.
  • If the taxpayer’s 2016 IMP tax liability is less than €10, the tax is not collectable.

Finally, the IMP tax is abolished as from 1 January 2017.

 

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