News

ENFIA amendments & new statutory values

Maria Zoupa 21 Jun 2018

The new law introduces changes to the Annual Property Tax (ENFIA) regime, that has been applied from 1 January 2018, which impact both ENFIA components (main tax & supplementary tax).

• The ENFIA for year 2018 will be calculated taking into account the new price zones as they have been amended by the recent ministerial decision, instead of the ones applicable on 1 January 2018
• The low basic tax scales serving as basis for the calculation of main ENFIA have been amended as follows:

• The supplementary tax free bracket for individuals has been increased to Euro 250,000 from Euro 200,000
• Payment of the ENFIA will be made in monthly instalments, beginning from the month following the one during which the assessment was made and the last one by the end of January. Especially for ENFIA of year 2018, the first instalment will be paid by the end of September

To be noted that earlier in June, Ministerial decision (POL. 1113/12.06.2018) adjusted the price zones on the basis of which the statutory value of real estate is calculated. The new price zones will apply for all areas of taxation as of 1 January 2019 whereas for ENFIA purposes they will apply as of 1 January 2018. As per the Ministry of Finance a total of 10.216 price zones have been adjusted to reflect market values in areas within town planning. The values of 2,122 price zones were reduced, the values of 3,792 price zones were increased, whereas 4,302 remained stable.

Taxand's Take

Besides the above, a new department of valuations and statutory values is established within the Ministry of Finance in order to observe and adjust the statutory values on an ongoing basis.

Article tags

Greece | Real Estate Tax