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PM Mitsotakis announces generous tax cuts incl. properties ENFIA

Prime Minister Kyriakos Mitsotakis has set as his top priority to implement his pre-election program and proceed with taxation cuts as soon as possible. In his policy statement late on Saturday, he announced several tax cuts with one of them to be implemented as of the month of August.

6.5 property owners will see generous discounts of an average 22% in the Unified Property Tax ENFIA 2019, with the bills to be issued at the end of next month.

Properties with value up to 60,000 euros will pay 30% less than in the previous year, up to €80,000 will have a discount of 25%. For properties with value 80,000-1,000,000 euros the discount will be 22%, while for properties above one million euros the discount will be 10%.

Income tax for natural persons with annual income up to 10,000 euros will be reduced to 9% from 22% currently. The measure will be implemented for the tax declarations 2019 to be submitted in spring 2020.

Business tax: gradual decrease from 28% currently to 24% and later to 20%.

Value Added Tax decrease from 24% to 22% and from 13% to 11%.

Discount on dividends tax form 10% to 5%.

Decrease of Social Security Contributions from 20% to 15%.

Gradually abolition of the Solidarity Levy and the Trade Fee.

4% discount of the tax for the energy, operational and aesthetic upgrading of  buildings.

Suspencion of tax for constructions and “overvalue” in sales and buys of real estate.

With regards to the 120-installment settlement for debtors to the state, the minimum monthly payment will be decreased from 30 euros to 20 euros. The interest rate will be reduced from 5% to 3%.

Details are expected when the tax cuts bill will be submitted to Parliament, estimated beginning of August.

The value of the tax cuts was estimated at 6 billion euros.

Discussion at the Parliament Plenary will last three days, the Prime Minister will seek the confidence vote on Monday midnight.

PS Mitsotakis did not say where he will find the money to compensate the revenue loss from the tax cuts. Should I start worrying?

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2 comments

  1. Yes 😛

  2. they could start by firing a couple hundred thousand of the useless eaters in the public sector who have been gorging themselves on the blood of the nation for decades… then carry onward by shutting down all the banks, abolishing coporate person-hood, and finish off by handing anything that is not the military , the diplomatic service, or the higher level of courts of appeal, back to the municipalities to manage or abolish as they individually see fit.
    kapodistrias 200 years ago came up with a constitution he was hoping to bring to life in a soon to be free greece. he tried a decade later to do so. he was shot dead in the street. The Swiss however once they settled down from the post-napoleonic occupaitons and turmoil, put that constitution into effect , made kapodistria an honorary citizen and put up a statue of him. Look at where we are and look at where switzerland is.