BUSINESS

ENFIA relief to be targeted next year

PROKOPIS HATZINIKOLAOU

TAGS: Taxation, Finance, Property

The Finance Ministry is planning fresh reductions to the Single Property Tax next year, only this time they will be targeted rather than horizontal.

The increased takings from the planned inclusion of 7,000 more areas in the objective value assessment system in 2020 will allow for a second cut to ENFIA dues, averaging at 10 percent, after the 22 percent reduction implemented this year.

A top ministry official says that bringing the objective values on a par with market rates will inevitably lead to other solutions than the horizontal ENFIA rate cut. Reduction factors will include the rise or fall of zone rates in certain areas. For instance, in central Athens prices have grown considerably, which will lead to an increase in objective values. These areas will require additional interventions to the ENFIA brackets so as not to offset the cut implemented this year. Those interventions will generate an extra benefit averaging at 10 percent.

The government intends to prevent objective values from being a political tool while helping the market and fetching revenues.

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