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Greece: Tax cuts for property renovation
The Greek Μinistry of Finance examins to grant a tax exemption in order to boost the construction industry. Reportedly it plans to deduct expenses from the tax rather than from the income, considering that the measure is largely self-financing.
The tax exemption will involve expenses on energy, functional and aesthetic upgrades of the property which will have the following characteristics:
It will be effective from the tax year 2020. The deduction will be 40% of the personal income tax. The payment had to be issued through a bank. The benefit to property owners is to emerge from the 2021 Personal Income Tax Clearance
This measure, combined with a three-year suspension of the surplus tax on real estate as well as VAT on newly built buildings, is the government action to stimulate the construction industry and the Greek economy.