The government this week unveiled a proposal to replace the current property tax with a more expansive "asset tax", which will ostensibly include all real estate held by taxpayers but moveable possessions as well, including those held overseas.
By G. Palaitsakis
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The government this week unveiled a proposal to replace the current property tax with a more expansive "asset tax", which will ostensibly include all real estate held by taxpayers but moveable possessions as well, including those held overseas.
According to the draft proposals, the new all-encompassing framework will graduate from buildings, lots and rural land to including vehicles of all types, pleasure craft and even works or art and precious metals.
The proposal is based on a foreseen electronic wealth and asset register being prepared for the 2017-18 period, with the goal being to rake in 2.65 billion euros in annual taxes from the specific measure -- the same figure as the unpopular current property tax, known as ENFIA.