BUSINESS

Taxation on plots of land to rise by 23-25 percent

PROKOPIS HATZINIKOLAOU

TAGS: Taxation, Property

Owners of land plots are among the property holders who will have to pay more tax for their assets this year, according to the new regulations concerning the Single Property Tax.

ENFIA, as the tax is known in Greece, will be amended by the bill that Parliament will vote on this Sunday so that despite the drop in objective values by up to 30 percent, the sum of the takings will remain the same this year as in 2015 (2.65 billion euros).

To that end, the tax rate on plots of land will rise by 23 to 25 percent, and the tax-free ceiling for the supplementary property tax will drop from 300,000 euros (total objective value of a taxpayer’s properties) to 200,000 euros, while the rates of this latter tax will also rise.

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