BUSINESS

ENFIA to be cut by 30 pct in two years

PROKOPIS HATZINIKOLAOU

TAGS: Taxation, Property

The new tax bill that the Finance Ministry plans to submit to Parliament by the end of the month will provide for the reduction of the Single Property Tax (ENFIA) by about 30 percent for all owners within a couple of years, starting from 2020.

According to sources, the changes to property taxation that will start applying as of next year foresee a horizontal 20 percent reduction in 2020 and a further 10 percent in 2021.

This will come to a cost for the budget in 2020 of 565 million euros plus an additional 285 million euros in 2021.

The changes that will be introduced mean that property owners who currently pay 500 euros in ENFIA each year will see a 100-euro reduction in 2020, paying 400 euros, and a further reduction by 50 euros in 2021, to 350 euros. Owners of large properties paying 2,500 euros in ENFIA per year will get a 500-euro reduction next year and pay 2,000 euros. A further 10 percent decline will apply from 2021.

This year’s ENFIA will be calculated in August, when the pay notices will be forwarded to owners, with the first of the five installments due by end-September and the last one due by the end of January, 2020.

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