Property capital gains tax put off for another year-draft bill

Greece will put off the introduction of a capital gains tax on property transfers by a one year, according to a draft bill submitted to parliament Wednesday.

Under pressure from international creditors, Greece was expected to lift a freeze on the tax as of January but has decided against the measures industry officials had described as seriously detrimenting the sector.

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The decision will cost Greece some 24 million euros in lost tax revenues, according to some estimates.

The move comes as Finance Ministry officials scramble to revise property values used by the government to determine taxes paid on real estate ahead of an end March deadline set by Greece's creditors, the International Monetary Fund and eurozone nations.