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A primary tier of development

03 July 08 | G. Alogoskoufis
 G. Alogoskoufis

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Property market is for the government the primary tier of the development of Greek economy. For this reason, since 2004, we are applying a wide reformation program, aiming to make the market more efficient and enhance its role in our economy's development.

Property market is for the government the primary tier of the development of Greek economy. For this reason, since 2004, we are applying a wide reformation program, aiming to make the market more efficient and enhance its role in our economy's development.
We established VAT for new constructions so as to purify the sector of constructions. At the same time we promoted with the same Bill the abolishment on stages of the property transfer tax and the quadruplication of tax-free limits in regards to heritages and parental dispensation.
With another initiative of ours we have created the framework for the sale and leaseback of the state's real estate, with which properties that belong to the state are being utilized. We also improved the legal framework for REIT's and Real Estate Funds, making the market deeper, so as to enter in it more and much specialized companies. Moreover, we established a series of expenses with receipts by property owners, which can be deducted off taxable income.
With the last Bill on the reformation of property taxation, that had been voted on early 2008 by the Parliament, the taxes on heritage and parental dispensation are abolished, which is something that makes the operation of the market easier. This tax is replaced by a 1% tax on the property's objective value, while high tax shelters continue existing, resulting to the low height of this tax. Furthermore, primary residence is relieved from taxation, at the point where it covers basic housing needs. The same Bill anticipates the setting down of common property tax on a low tax rate as a substitute of a series of taxes on property.
From the common property tax, the primary residence of natural entities is excluded, when it is up to 200 sq m and its objective value is ­300,000. The rate is 0.1% for natural entities and 0.1% to 0.6% for businesses, while for the own occupied properties of the businesses, the rate is 0.1%
We have made substantial reformations in the property market, aiming at the market's efficient operation, as well as, the treatment of the twists that were present. The difference to the past is obvious and it benefits all citizens and the society at large.

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