Major Tax Cuts And “Social Dividends” Announced In Greek Parliament

Date: 28.11.2018 / By Nick Kampouris / / Comments (0)

The Greek government announced Wednesday that the Uniform Real Estate Ownership Tax (ENFIA) will be significantly reduced for over 5.1 million property owners. In addition, the state will distribute a one-time payment to more than 1.3 million people as a “social dividend” from the country’s budget primary surplus for 2018.

These two initiatives were brought to the Greek parliament for discussion on Wednesday morning with Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos detailing their plans for 2019.

According to media reports, the ENFIA tax will be reduced by 30 percent for low-value properties, and the reduction will gradually decrease as the value of the properties rises.

The reduction will be 30 percent for real estate up to €60,000 ($68,000), according to an amendment tabled in Parliament by the Finance Ministry, with properties worth slightly more than €200,000 ($226,000) seeing no reduction in tax.

In addition, taxation on business profits will be gradually reduced from 29 percent to 25 percent until the year 2022.

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