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New model for the extension of rent reduction that is accompanied by a tax credit for owners who will voluntarily lower the rents of commercial real estate, update all lease agreements, new fair values in 10,500 areas throughout the country and extend them a At least 3,000 new areas, scissors in ENFIA 2021 but also electronic transfers, parental benefits and real estate donations from the notary’s office make up the new scenario in the real estate sector and the taxes levied on the property since the fall.
According to information, the government’s financial staff has reached the system that it will implement to maintain the measure of the mandatory reduction in 40% of rents for industries that are swirling in the vortex of the coronavirus crisis, such as tourism and restaurants. , and at the same time prepares. Tax deductions that landlords who agree with their tenants must obtain reduce rents by up to 40%. Towards the end of the year, real estate appraisers are expected to begin working again to determine the new fair values of the properties that will be activated in the summer of 2021. of ENFIA, which was scheduled for this year but remained in the drawer of the Ministry Treasury with the coronavirus outbreak.
In particular, the new landscape that is being formed for the owners is made up of the following changes:
Rentals
The Ministry of Finance is developing a new system to maintain the rent cut, since next Monday, August 31, the mandatory cut of 40% of rents in the sectors of restoration, tourism, transport, culture and sports ends. For sectors that are ruthlessly affected by the coronavirus crisis, such as tourism and catering and possibly other sectors, the extension of regulation will be mandatory. For the duration of the mandatory rent reduction, owners will be entitled to a tax refund equal to 30% of the income losses they have suffered.
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“We want the mandatory reduction not to last for long,” says Christos Staikouras, noting that the government is oriented towards a “mixed” system of mandatory and voluntary reductions in rents in specific sectors. The measure will refer to commercial property leases and not residences and, in particular, is examined in cases where there will be an agreement between owners and tenants to motivate owners to proceed with the reduction of rents. According to the information, landlords who agree with their tenants to reduce rents will get a tax deduction. The percentage of the discount will depend on the scissors that the owners and tenants will agree to in the rent. It is highlighted that POMIDA has proposed to completely abolish the mandatory reduction in rents by 40%, which is applied today and until the end of August in catering, tourism, culture, sports and transport, and to continue supporting the 30% of the loss of income of those owners. and tenants voluntarily accept discounts of up to 40%.
Leasing contracts
Taxpayers who rent real estate must submit to the AADE platform no later than September 30, 2020 a declaration of validity or expiration of all their current leases, declaring for the first time the leases that were concluded before 2014 and were never declared. The declarations are presented without penalties.
Property values
The coronavirus outbreak froze the exercise to adjust the objective values of real estate that had been initiated at the beginning of the year by the Ministry of Finance with the help of real estate appraisers. Next year, and depending on developments in the face of the pandemic, the plan will be executed to match fair values with commercial prices. Private appraisers will have to rewrite prices for zones in many parts of the country, as the pandemic has wiped out the real estate map, reducing property values to lower levels. The appraisals that appraisers will deliver of new fair values in more than 10,000 areas nationwide are not binding on finance staff. Their proposals will pass through the filter of the special working group created in the Ministry of Finance. The new prices will be valid for the calculation of ENFIA 2021, and as of January 1, 2022 for real estate transfers.
Expand the zone values
Zone values are expected to be purchased for the first time by at least 3,000 areas across the country, which will be part of the fair value system for the first time. These are mainly areas that have been developed for housing or tourism but are treated for tax purposes as off-plan and settlement, that is, with the low values of the plots. With their inclusion in the target system, the taxable material in them will be significantly increased and a fiscal space will emerge to largely fund the gap in ENFIA.
ENFIA 2021
In the summer of next year, the new ENFIA 8% -10% reduction is expected to be activated in combination with the new target values, which was planned for this year but entered the drawer due to the pandemic. The new reduction of ENFIA is expected to erase the tax burdens that will result from the increases that will exist in the objective values of real estate in many areas of the country where the gap between the prices applied by the Tax Agency and commercial ones remains large even after adjustment. June 2018. In any case, the key role for the amount of the property tax bill for next year will be the prices of the new area. Charges should be expected for taxpayers who have real estate in fillet areas, that is, islands and tourist areas that will be included for the first time in the target system. These are mainly taxpayers who own high-value real estate currently in Mykonos, Santorini, Corfu, but also in expensive areas even in Attica and are almost tax-free or pay ENFIA as much as a taxpayer who owns an apartment in Kallithea. .
Electronic real estate transfers
Once AADE put in the queues of the Tax Agency for transfers of real estate, parental benefits and by submitting the returns to the Tax Office via e-mail, courier or registered, the next step is in 2021. All the Real estate transfers will be carried out electronically by a notary with full digitization of capital tax returns.
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