Friday November 28, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Tax obstacle for property transactions

By Nikos Roussanoglou

Property owners with debts to the state are facing additional trouble selling their assets with the capital gains tax that has caused the market to freeze.

Estate agents claim that if the agreed price for a property which in virtually all cases is below the objective value (used for tax purposes) is less than the sellers debt to the state, tax authorities will not allow the transaction. They will only accept a sale at the objective value or above in order to cover the entire debt.

The issue stems from a provision in the tax procedures code: This means that anyone with debts to the state can only secure tax clearance to sell a real estate asset if the sale is conducted at the objective value (or above) to cover their debts, so as to avoid any transactions involving falsified low prices between sellers and buyers.

However, in practice, this means that the state not only loses the part of the debt repayment it would have received if such a sale went ahead, but also misses out on the 3 percent transaction tax it would have collected.

ekathimerini.com , Monday March 3, 2014 (20:43)  
Greek retail sales post rise but deposits take a hit
Cyprus president urges probe into airline bidding
Aegean Airlines flying high, nine-month results show
Bank of Cyprus posts 5-mln-euro loss in Q3
Moscovici urges Athens to take necessary measures, make way for troikas return
The Greek government must take all the necessary measures so that troika inspectors return to Athens for their final assessment on Greece's reform program, EU Economic and Tax Commissioner P...
Venizelos urges Turkey to respect Cyprus EEZ
Ankara must respect Cyprus's exclusive economic zone (EEZ) if it wants UN-brokered reunification talks to resume, Greek Foreign Minister Evangelos Venizelos said ahead of a weekend visit to ...
Inside News
SOCCER
PAOK is one win from Europa Leagues last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
BASKETBALL
First defeat for Olympiakos in Euroleague
Olympiakos suffered its first Euroleague loss of the season going down 89-70 at Laboral Kutxa on Thursday, although the Greek team remains the favorite to clinch the top spot in its pool. Th...
Inside Sports
COMMENTARY
Change of US president wont mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek retail sales post rise but deposits take a hit
2. Cyprus president urges probe into airline bidding
3. Aegean Airlines flying high, nine-month results show
4. Bank of Cyprus posts 5-mln-euro loss in Q3
5. Moscovici urges Athens to take necessary measures, make way for troikas return
6. As prices keep falling, Greeks finally start to spend
more news
Today
This Week
1. Child molester suspect photo released by police
2. Lebanese FM: Cyprus may be jihadi transit point
3. Athens water supply 9-month profit falls 45 pct on lower charges
4. Change of US president won't mean change of foreign policy
5. Armed man arrested on Thessaloniki campus
6. Greek economy expands 0.7 pct q/q in Q3
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Coscos Greek unit adds multinational rail-freight client
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.