4 changes in real estate and income taxation are about to be made

New property tax ENFIA, receipts that will give an extra tax deduction of up to 2,200 euros, tax incentives for mergers of professionals, regulation for encroached areas of the public sector

Three bills and a ministerial decision prepared by the economic staff are changing the taxation on real estate. More specifically, the bill will be discussed at the Parliament, in the coming days, with the changes in the property tax ENFIA, while the issuance of the ministerial decision with the list of professions that will have an extra tax deduction will be also discussed. At the same time, the bill with tax incentives for mergers of small and medium-sized enterprises and professionals is also launched. The legislative regulation that will cut the “Gordian knot” of the encroached public and exchangeable properties is also in the works.

The package of interventions includes:

  1. New property tax ENFIA: In the final stretch is the preparation of the bill with the new scale and the new rates of calculation of the real estate tax that will be called to pay this year more than 6 million taxpayers. The new property tax ENFIA account will reach the property owners after Easter and the tax will be paid in 10 monthly installments with the first being paid by the end of May and the last by the end of February 2023. For about 5 million homeowners the amount of tax they will be required to pay will be reduced by even more than 30%, about 900,000 will see no change and about 350,000 will pay more tax than in 2021. The biggest burdens will arise this year for about 180,000 property owners who own large real estate and properties in areas where fair values have jumped or joined the system of fair value calculation for the first time.
  2. Tax deduction for e-receipts: The ministerial decision that will determine the categories of professions that, if paid by consumers with electronic money, will offer an income tax deduction equal to 30% of the annual expenditure is almost ready. According to information, the list includes lawyers, architects, steamfitters, funeral homes, personal care and nursing services, cleaning and maintenance services, childcare, limousines and taxis, laundries, yacht rental services, consulting services as well as photographers, housekeeping and gyms and dance schools. The measure will apply to electronic expenses incurred from 1-1-2022 until December 31, 2025 and the amount that will be deducted each year from income, depending on the amount of expenses, cannot exceed 5,000 euros. Expenses for visits to doctors, dentists, orthodontists and veterinarians as well as diagnostic exams provided by private facilities and of other medical services, except the purchase of medicines and the hospitalization, will be doubled to cover 30% of the annual real income with electronic costs.
  3. Tax incentives for small and medium enterprises: The bill that provides for a reduction by 30% of the income tax rate for five years for mergers and collaborations of small and medium enterprises and freelancers will be discussed in the Parliament. Provided that the partnership will last at least 5 years, the rate is reduced to 15.5% from the current 22%. The regulation concerns transformations of medium-sized enterprises with up to 250 employees and their annual turnover does not exceed the amount of 50,000,000 euros, as well as for business partnerships with up to 50 employees, with their annual turnover not exceeding 10,000,000 euros.
  4. Encroached public properties: The economic staff elaborates a regulation for the settlement of the encroached public and exchangeable properties with the possibility of their acquisition but with strict criteria and conditions, such as for the acquisition of agricultural lands, it must be proved that the owner is primarily a farmer. The 2022 budget report states that “the settlement of the occupied Public and Exchangeable Lands aims at eliminating social injustices, conflicts and claims, the inflow of significant revenues into the state budget, the effective protection of the public properties, while it also aims to help the public services and the courts from a significant number of litigation, costs and bureaucratic procedures “.
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