BUSINESS

Capital gains tax exemption for long-held properties

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.

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