The economic problems in Greece are well documented. Now, the countryÃ¢â¬â¢s government has approved a series of tax reforms aimed at raising additional revenue in order to secure further bailout funds from the European Union.
These tax changes are set to see property taxes rise in an attempt to prevent the countryÃ¢â¬â¢s bankruptcy. Keep reading to find out more.
Higher property taxes essential for Greek bailout
Euro News reports that a new bill has been approved by the Greek parliament. This legislation sees increases in tax rates on property and corporate profits while simultaneously abolishing may tax exemptions. The bill aims to raise 2.5 billion euros (ÃÂ£2.07 billion) of additional revenue over the next two years.
Long-suffering Greek families are upset with the new taxes having already been hit by a range of austerity measures. Georgia Katsoli and Nikos Bellos own their own home, but they are both unemployed and struggling with rising rates and taxes.
Georgia told the news network: Ã¢â¬ÅWe dreamt of buying a home so that we wouldnÃ¢â¬â¢t have to pay rent and deal with landlords. We bought one, but now we canÃ¢â¬â¢t afford to pay for it.Ã¢â¬Â
Without these additional taxes, the Greek government is unlikely to secure the money it needs from international lenders. Greece is due to receive another 14.7 billion euros (ÃÂ£12.2 billion) of international rescue loans by the end of March 2013.
Anyone who owns a property in Greece is set to pay even higher taxes.
While property prices in the country have fallen sharply over recent months, anyone considering buying a property in Greece should take into account the property taxes that you will have to pay after you buy.