gains tax exemption for long-held properties
7 February 2014
By Prokopis Hatzinikolaou
The Finance Ministry decided on Friday to exempt buildings that have
remained in the possession of the same owner for at least 25 to 30
years from the capital gains tax on property transactions, following
a strong reaction to the tax from property owners.
The capital gains tax amounts to 15 percent of the difference between
the price of acquisition and that of sale when a property changes owner.
The ministry will also reduce the fines imposed on professionals and
enterprises if they fail to submit value-added tax declarations or
issue tax data.
Deputy Finance Minister Giorgos Mavraganis did not rule out changes
to other tax measures as well, saying that this has become possible
thanks to the country’s fiscal progress and citizens’ and enterprises’ compliance
with their tax obligations.
The changes will be announced by the prime minister in the coming days.