Inclusion of properties to boost revenues

In its review of objective values - property rates used for tax purposes - the Finance Ministry is aiming to include real estate valued at an estimated 80-100 billion euros and at least 7,000 new areas in the system.

Government officials estimate that the endeavor, which is seen taking until May to complete, will lead to a 15 percent increase in the taxable value of properties, currently at 478 billion euros for individual owners and at least 120-130 billion for companies - i.e. a total of some 600 billion euros.

If the above estimates prove correct, additional fiscal space of 400 million euros will be created.

Given that the government has already provided for a 140-million-euro increase in revenues from property taxes (ENFIA, inheritance tax, parental concession tax etc) in next year's budget, a significant amount of 200-300 million euros emerges that could...