ECONOMY

Garages to incur property tax

The final draft of the bill for the new Single Property Tax set to apply from 2014 was put to public consultation on Wednesday and provides for the taxing of areas including parking spaces on the premises of apartment blocks, as well as storage spaces, land plots and farms.

Common use swimming pools in apartment blocks will also be taxed.

The Finance Ministry has slashed the total tax to be demanded from 3.85 billion euros in the previous plan to 3.6 billion, reducing the burden that the combination of the current FAP property tax with the extraordinary tax paid through the electricity bills imposed on homeowners.

The tax rates will range between 2.3 and 17 euros per square meter.

Taxpayers who choose to pay the tax in a lump sum will get a 1.5 percent discount.