BUSINESS

New property tax to replace ENFIA from this year

PROKOPIS HATZINIKOLAOU

TAGS: Taxation

The Single Property Tax (ENFIA) has been abolished and is to be replaced by a new tax to be based on the sum of each owner’s properties and not the individual assets.

“This new tax, which we are currently working on, will deliver the same amount of revenues, but in a fairer and more democratic way,” Alternate Finance Minister Tryfon Alexiadis stated on Monday. The collection target will remain at 2.65 billion euros and, as Alexiadis stated, the new tax will be more proportionate than the much-maligned ENFIA, which taxpayers paid for the last time in 2015.

He added that the new objective property values (used for tax purposes), which now apply retroactively from May 21, 2015, will remain in use until the new system recording properties’ commercial rates is able to replace them.

He also reiterated that the tax-free threshold as of this year will be linked to the use of credit and debit cards.

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