Income tax in the United States

A barrage of new measures against tax evasion will be implemented by the Independent Authority for Public Revenue in 2025.

The Ministry of Finance aims to address the growing housing problem by offering a dual incentive to taxpayers: a subsidy for the renovation of vacant properties and tax-free rental income. The “Renovate – Rent” program provides a subsidy of up to €8,100 for renovation expenses, while the income from the rental remains tax-free for three years.

Let’s see an example:

The government is offering owners of shuttered properties a double incentive to convince them to put their assets back on the long-term rental market, as they can benefit from the "Renovate-to-Rent" scheme and from the three-year income tax exemption on rents.

Ahead of the new tax bill, the Ministry of Economy and Finance answers 13 questions to make it more clear what changes are coming in this section. The 12 tax cuts that are being enacted, the incentives given to businesses and all the reforms to the tax law.

The 13 questions and answers on the new tax bill

The National Economy and Finance Ministry tax bill put up for public consultation on Tuesday implements a number of changes regarding real estate that the government had announced.

The new tax bill provides for stiff fines for those who ignore a regulation that bans new permits for Airbnb-type short-term rentals in downtown Athens for all of 2025.

The government’s economic team is exploring potential changes to incentives aimed at encouraging taxpayers to shift from cash transactions to electronic payments.

“Gradual, yet fiscally sustainable tax reductions remain our central choice,” emphasized Prime Minister Kyriakos Mitsotakis in his weekly review published on Facebook.

According to Mr. Mitsotakis, tax reductions are made possible due to increased state revenues and the reduction of debt, as well as the decrease in tax evasion.

The government is launching a new round of tax cuts with a focus on direct income taxes. The signal was set by the prime minister and the minister of the national economy at the inauguration of the new AADE facilities, stressing that tax revenues will allow for new tax cuts.