ECONOMY

Top rental income tax rate may ease as of next year

top-rental-income-tax-rate-may-ease-as-of-next-year

The government is mulling the reduction of tax on incomes from properties as of next year, as rates reach up to 45% for incomes as low as 35,000 euros per annum.

Among the ideas the Finance Ministry is considering is the addition of one or two more tax brackets in order to ease the huge burden imposed on rental takings for many landlords.

It is also possible that the top bracket (of 45% tax) will be abolished altogether and that rental earnings will be taxed according to the general income tax rates set.

Since 2010 property taxation has risen by some 600%, as on top of the rental income tax the Single Property Tax (ENFIA) has also been added.