THE DRAFT LAW FOR PROPERTY TAXES 2014 AND AUCTIONS WAS PASSED

The two draft laws on the Unified Property Tax and the Auctions of first residence were passed in the Parliament, in the presence of 293 members. With 152 votes in favor have been voted the articles 7, 8 and 9 for the auctions, while the draft laws were also approved in the rest articles, for which, though, there wasn’t a roll call vote.

The improvements made in the final draft law are the following:

                After the intervention of Minister of Finance, Mr. Stournaras, the paragraph referring to overdue debts changed and is now "for any amount of debt becomes overdue, the borrower is obliged to pay interest and penalty for late payment," but now there is the clarification that "late payment penalty is not imposed in cases of debts derived from fines, in accordance with any provision of applicable legislation." Furthermore, regarding the payment periods, it is now established that "in case of public revenue which falls outside the scope of the Code of Tax Procedures (Law 4174/2013), except for customs, the period of two (2) months from the legal expiry payment period is now increased to six (6) months."

Also, after the intervention of Minister of Development, Mr. Hatzidakis, regarding the auctions, it is provided a reduction from 30% to 20% for freelancers in the minimum amount of installment of the loan. Moreover is increased from 15.000 to 20.000 € the lower family income limit for the vulnerable groups who have the right to pay 10% installment, i.e. three child and large families, people with disabilities greater than 67% and those who incur tax for disabled more than 67%.

Finally, Mr. Stournaras said that "there will be no fine for those who have been subject to settlement" and noted that the interest rate "will be as low as possible by decision of the Minister of Finance."