Reductions in fines over 50% - Changes on property capital gain tax

The Finance Ministry is considering drastic reductions in fines, adjustments in capital gains in real estate transactions, changes in receipts and the monthly aggregated reports in order to overcome the reactions of professionals, accountants and tax consultants and PASOK members.

In the capital gains tax, after finding that the calculation is rather impossible for older properties without major deviations, the information from Ethnos is that the financial officials are examining the exception of property acquired 25 years ago. As it reports, with a corrective legislation to be tabled in parliament, the citizens who had bought property before 20 - 25 years will not incur capital gains tax when they sell it, but with a 7% tax on its price, paid by themselves. The buyer will pays 3% on the objective value as provided for under the current legislation. This model is also discussed to apply on properties built by direct labor.

The remaining properties will have a system for automatic determination of the purchase price, which will deflate the value of each property. Essentially, this will index the cost of the property to be correctly compared to current sales prices.

The capital gains tax will be calculated by the tax authorities and not by the notary.

Meanwhile the economic team is also planning a drastic reduction in fines for the late submission or non-submission of tax statements, for non-issuance of receipts and for the measure of receipts.