ENFIA property tax simplification in Greece for property owners.

The Greek government's draft tax bill has been presented in the Greek Parliament, which provides more favorable conditions for taxpayers. The bill will be debated and voted on in an accelerated procedure to authorize a reduction in monthly payments (20 euros), a reduction in interest rates (from 5% to 3%) and the granting of a bonus for advance payments.

Entrepreneurs will be able to take advantage of a 120-payment installment program to settle their debts, and will receive more favorable conditions for reducing interest and penalties when choosing repayment programs for up to 36 months. The Uniform Real Property Tax Incremental Income Tax Incentive (ENFIA) will be reduced by 22% and will provide the latest opportunity for taxpayers to settle their debt with more favorable terms. A number of ENFIA reductions will be established based on the total value of the property.

• 30% for property up to 60,000 euros
• 27% for property up to €70,000
• 25% for property up to €80,000
• 20% for property up to one million euros
• 10% for property worth more than one million euros

Tax debtors will be able to be included in an installment program for 120 installments for debts until December 31, 2018. Further, for both individuals and legal entities of tax debtors, which includes those with debts up to 1 million euros, there is an opportunity to save on additional fees depending on the number of installments. The percentage of fees and interest saved will be as follows:

• 100% at full repayment of the debt in one transaction
• 95% for 2-4 monthly payments
• 85% for 5-12 month payments
• 80% for 13-24 monthly payments
• 75% for 25-36 monthly payments
• 45% for 37-48 monthly payments
• 30% for 49-60 monthly payments
• 20% for 61-72 monthly payments
• 10% for 97-120 monthly payments

Finally, the minimum amount of the monthly payment is 20 euros, and the new tax law also includes the option to suspend the forced collection of debtors' assets.