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Capital gains tax on property applied at last

By Prokopis Hatzinikolaou

After four months of stagnation in the property market, notaries are back in business as the capital gains tax has finally been activated, the necessary decisions have been issued by Deputy Finance Ministry Giorgos Mavraganis and General Secretary for Public Revenues Haris Theoharis, and the electronic application on Taxisnet on the ministry’s website will open on Tuesday for notaries to pay the fee due by property sellers.

The troubles in the introduction of the capital gains tax on properties owned by up to 20 years by the same owner had brought the already problematic real estate market to a standstill since the start of the year.

The measure provides for the payment of a 15 percent tax on the profit made by a seller by deducing the cost of acquisition of a property from the price of sale date since January 1, 2014. There is, however, a tax-free threshold of 25,000 euros for taxpayers who have held their sold property for at least five years.

The capital gains tax is payable within five days from the signing of the sale contract and is paid by the seller, while buyers also have to pay a transaction tax equal to 3 percent.

ekathimerini.com , Monday April 28, 2014 (23:05)  
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