Property tax

Thursday, August 31, at 3 p.m., is the final deadline to file tax returns.

Property transactions are thriving, as official data show, and real estate professionals say that a great part of the growth is driven by foreign investors.

By August 10, with not quite two-thirds of the year gone, there have been 112,000 property transaction, while in the whole of 2022 139,000 sale contracts had been signed, up from about 105,000 in 2021 and 75,000 in 2020.

Rough estimates of tax evasion put it at between €8-10 billion. But recent data show that tax compliance is increasing, which accounts for higher than expected revenue in the first seven months of the year.

Data also show that compliance is higher among businesses than among individuals.

The Independent Authority for Public Revenue (AADE) has launched an investigation into an online clothing and footwear e-shop operating in Thessaloniki, in northern Greece, following revelations of significant tax evasion.

The government is considering a minimum premium in property insurance deals to prevent sham contracts for luxury homes who owners wish to get the planned 10% discount on their Single Property Tax (ENFIA).

For Greeks, their home is one of their most valuable material possessions and one of the most important assets they have. After all, Greece has one of the highest homeownership rates in Europe.

Property owners will need to have insurance coverage for earthquake, fire or flood in order to enjoy the 10% discount on their Single Property Tax (ENFIA) bill next year based on the provision included in the bill of the National Economy and Finance Ministry.

Tax evasion may be ranging between 8 and 10 billion euros per year, according to rough calculations, and half of that could be recovered, Deputy Minister of National Economy and Finance Haris Theocharis told Skai Radio on Thursday.

The government is about to initiate changes in the legal framework and possibly taxation for some 145,000 residences in Greece.

Thousands of businesses that increased their staff in 2022 will be exempt from the fee for practicing a profession (known as "telos epitidevmatos"), saving between 400 and 1,000 euros, depending on the form of the company and its location.