BUSINESS

Capital gains tax on property transactions set for another postponement

NIKOS ROUSSANOGLOU

TAGS: Taxation, Property

The introduction of the capital gains tax in property sales is to be postponed for another year, as the Finance Ministry is preparing an amendment that will likely extend its suspension from end-2016 to end-2017.

The tax, voted into law in 2013, ran into a series of problems and has been repeatedly suspended.

Its non-application means the property market, which already contributes some 3.7 billion euros a year to the state budget, will avoid the additional tax burden for one more year.

The Hellenic Federation of Enterprises (SEV) called on Thursday for a drop in property taxation, because as things stand, the construction sector will be unable to recover.

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