ECONOMY

Margin for ENFIA cuts, salary hikes

margin-for-enfia-cuts-salary-hikes

The 2022 budget has no new taxes and will offer additional tax breaks, as well as including a small fiscal margin for a further reduction of the Single Property Tax (ENFIA) alongside the existing cut, Finance Minister Christos Staikouras told Skai TV on Saturday.

He said the extra reduction of ENFIA for 2022 mounts to over 60 million euros, but stopped short of revealing who will benefit from the initiative. “We will know who stands to benefit from the permanent reduction of ENFIA overall by the end of January,” he said, noting that as of March the new objective values will be incorporated, property tax rates will change and ENFIA will start getting paid in 10 tranches.

“We are getting very close to our election pledge for the reduction of ENFIA by 30%,” Staikouras commented.

Asked about a possible second increase to the minimum salary next year, the minister said there is now scope for such an increase given the budget projections. “The amount will depend on the consultations that are about to take place with the Labor Ministry and the various parties concerned, before the labor minister makes his recommendation to the cabinet,” said Staikouras.