Capital gains tax

Ljubljana – The Financial Administration (FURS) has proposed changing how income from cryptocurrencies is being taxed so that a 10% tax rate would be imposed when the cryptocurrency is spent or turned into cash.

The administration proposes the tax, at a rate of 10%, be paid on the amount of cryptocurrency turned into another currency or spent for goods or services.

But there have been gains as well as setbacks

A joint decision by the ministries of Finance and Development paves the way for wealthy foreigners who have transferred their tax residence to Greece to invest in this country. They have three years after applying for a Greek tax number to invest at least 500,000 euros in real estate, stocks, bonds and fixed installations.

As many as 16 changes are being introduced from January 1 in the taxation of all households, enterprises and property owners, mostly concerning reduction that will significantly alter the landscape for local taxpayers. They are the following:

Apart from the reduction of the corporate income tax from 28 to 24 percent and the halving of the tax on dividends from 10 to 5 percent, the government's draft tax bill includes a number of other incentives aimed at encouraging entrepreneurship, attracting highly skilled workers in Greece and bolstering investment activity to accelerate growth.

Greece will offer tax incentives to lure wealthy individuals to move their tax residence to the country as part of draft legislation on tax relief set to be announced on Thursday, a senior government official said.

Greece's conservative government is keen on attracting investments to boost the recovering economy's growth prospects.

Freelance professionals and all personal enterprises in general are the biggest winners of the new tax bill. As of 2020 they will enjoy a reduction in their tax bills amounting to or in some cases even exceeding 1,300 euros each, thanks to the slashing of the basic tax rate from 22 to 9 percent.

Enterprises will pay 30 percent less tax on average based on the changes the government will bring to Parliament through the tax bill to be tabled in November.

In a bid to crack down on tax evasion to the tune of 7 billion euros a year in value-added tax alone, the government is mulling plans to encourage taxpayers to increase online and card transactions so as to increase their tax free threshold.

According to reports, the relevant legislation will be included in a tax bill that will be submitted to Parliament in mid-October.

The government's intention to legislate tax-easing measures and incentives for investments has cultivated great expectations among property market professionals.