The Greek government has introduced a tax exemption for rental income to encourage property owners to convert vacant or short-term rental properties into long-term leases. Under the new measure, landlords signing leases between September 8, 2024, and December 31, 2025, will enjoy a three-year exemption from income tax on rental income. The exemption applies to properties up to 120 m² and requires compliance with tax reporting rules. However, the exemption will be revoked if the property becomes vacant or is converted back to short-term rental during the lease term.
Tag: Income Tax
Greece's Economy and Finance Minister Kostis Hatzidakis announced that revenue from combating tax evasion will help reduce taxes. Highlighting a 10.3% increase in VAT revenue this year, he affirmed the government's commitment to lowering tax burdens. Key strategies in the ministry's plan include reducing social security contributions, abolishing the entrepreneurs' levy, and lowering VAT rates to address social inequities and boost public revenues.
The Greek government is set to overhaul the presumptive taxation system for the self-employed, aiming to finalize changes by the end of the year. The revisions, supported by Prime Minister Kyriakos Mitsotakis and the finance ministry, will address potential inequities while maintaining the core framework, with updates expected to impact the 2025 tax filings.
February presents a demanding month for taxpayers, requiring them to delve deep into their pockets…