Property tax

The adjustment of the property prices used for tax purposes (known as "objective values") and the creditors' strong opposition to government plans to shift the tax burden from owners of small properties to those with large properties is opening the door to a reduction of the burden on those with assets worth over 200,000 euros.

Value-added tax revenues from property transactions could be far higher if the rate was reduced from its current level of 24 percent to 13 percent, according to an ongoing study by the Foundation for Economic and Industrial Research (IOBE).

The figures concerning waivers of inheritance as regards property are a reflection of the fact that citizens have reached the end of their tether and no longer have the capacity to pay taxes.

Greece's creditors have blocked the government's plans to increase the tax load on owners of medium-sized and large property. According to sources, the government had intended to shift the new burden resulting from the adjustment of the taxable property rates to 500,000 owners with assets adding up to over 200,000 euros.

Whether or not the International Monetary Fund participates in the Greek bailout program will likely determine whether the reduction of the tax-free threshold will be implemented next January, a year earlier than planned, resulting in yet another major tax hike for Greek taxpayers.

The rating of Sofia Municipality, given by the international rating agency Standard & Poor's, was confirmed on BBB-, the press center of Sofia Municipality announced.

The S & P Global Ratings report noted that there had been a significant rating event, namely the sale of the municipal shareholding in the Municipal Bank.

A number of court decisions and the exemption of property owners who have suffered damage due to earthquakes resulted in a 340.6-million-euro shortfall in the revenues expected from the Single Property Tax (ENFIA) last year.

A report by Greece's Independent Authority for Public Revenue into cases of tax evasion inspected by its YEDDE service in 2017 has shed light on dozens of cases where taxpayers brazenly failed to declare millions of euros in assets.

Capital inflows from abroad for property acquisitions in Greece reached a historic high last year, with estimates putting the total amount at 503 million euros.

Property transactions will become less costly as of April, as far as the tax load is concerned, in areas where "objective values" - property rates used for tax purposes - are reduced. The Finance Ministry is planning to make no changes to all tax rates related to sales, parental concessions, donations and inheritance.