ECONOMY

Constructive proposals by industrialists

The Association of Industries of Northern Greece has called on Finance Minister Yannis Stournaras and Development Minister Costis Hatzidakis to take concrete measures to breathe new life into the construction sector, which has seen its activity drop by 85 percent over the last eight years.

The association proposes the immediate reduction of the property transfer tax from 8-10 percent today to a flat rate of 3-5 percent, along with a decrease in notary expenses. It is also requesting a reduction in the 13 percent value-added tax rate imposed on the sale of new homes built with permits issued before 2006.

The new single property tax, set to apply from 2014, should not only take into account the location but also the age and use of each property taxed, the association recommends.