ECONOMY

Tax incentive for building upgrades

tax-incentive-for-building-upgrades

The demand by property owners for a tax discount in relation to expenditure on energy improvements and other upgrades to buildings will be satisfied by the government.

POMIDA, the national federation of property owners, has been pushing the idea for a long time and has now managed to convince the government as to its value.

Therefore, besides the “Exoikonomisi Kat’ Oikon” subsidy program, anyone wishing to upgrade their property will be able to conduct the necessary work and then submit the necessary documents (invoices, social security contribution and value-added tax payment proof etc) to claim 40 percent (or even 50 percent in some cases) back in the form of credit in their bank account from the General Secretariat for Information Systems for covering future tax obligations.

Therefore a property owner who spends 10,000 on upgrading their asset can obtain 4,000 euros of tax credit for the future.