Under the new tax legislation for IPT, the owners of immovable property situated in Cyprus must pay to the Inland Revenue Department (‘IRD’) the relevant taxation for the year 2013 based on the following percentages: Estimated value of immovable property according to prices of 1980 Percentage IPT €0 - €5,000 €0 €5,001 - €40,000* 0,6% €40,001 - €120,000 0,8% €120,001…