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Taxand Greece discusses the ministerial decision reducing the statutory values of real estates in their latest newsletter.
Circular POL. 1009/2016 has been issued by the Ministry of Finance reducing the statutory values of real estate in compliance with the Supreme Administrative Court judgments No. 4446/2015 and No. 4003/2014. Taking into consideration the recession of the Greek economy, the Greek Supreme Administrative Court recently ordered the administration to readjust the statutory (objective) values of real estate from year 2010 onwards retroactively as of 21 May 2015, when the relevant deadline set by previous judgment No. 4003/2014 lapsed.
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Zone prices are taken into account for the determination of other taxes such as the municipal real estate duty (TAP), real estate transfer tax, donation and inheritance tax, capital gains tax, and the deemed rental income.