ECONOMY

New tax bracket for incomes of over 40,000 euros from rented properties

new-tax-bracket-for-incomes-of-over-40-000-euros-from-rented-properties

The 1.7 million owners of rented property will this year have to pay an additional 250 million euros in taxes for their income from rentals in 2015.

Although the government would like to postpone the implementation of the new tax rates until next year, it has not yet identified the revenue sources that would plug the gap created in state finances.

Therefore it will not only raise the 11 percent rate to 15 percent for annual takings up to 12,000 euros, and from 33 to 35 percent for takings of more than 12,000 euros, but it is also planning to introduce a 40-45 percent tax rate for revenues of more than 40,000 euros per annum.