BUSINESS

No progress in objective value adjustment due to insufficient transactions

PROKOPIS HATZINIKOLAOU

TAGS: Property, Taxation

The new so-called objective values as property rates used for tax purposes are known – are scheduled to apply from June.

However, the competent committee of the Finance Ministry has hit a stumbling block and cannot deliver.

Ministry officials explain that it is difficult for the objective values to be adjusted as the few property transactions that are conducted – typically under pressure to cover the sellers’ obligations – have not proved adequately sufficient to produce a database of market prices.

The resulting disagreement between committee members as to how to tackle the situation has led to an impasse.

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