40% deduction with a maximum spending of 16,000 euros over 4 years
Property
owners who started renovating their properties in 2020 will enjoy a
tax deduction of 1600€ per year, provided that they have the
relevant invoices and that payments were done through the banking
system.
The
discount amounts to 40% of expenses with a maximum expense of
16,000€. Meaning that taxpayers, will receive, for works of
16,000€,
a discount of 40%, ie 6,400€,
an amount that will be divided equally over four years. The discount
is not valid for construction materials.
Tax
payers must declare their previous year’s expenses in their E1
relevant code together with their tax declaration.
The
necessary conditions in order for the 40% of energy, functional and
aesthetic building upgrading costs to be deductible from the owner’s
income tax in the next 4 years are:
– The buildings for which the costs have incurred, are not yet or will not be included in a building upgrade program.
– The costs are evidenced by legal documents, such as retail transactions receipts or invoices for services rendered.
– The costs were settled electronically, that is, by credit or debit or prepaid card, or by e-banking or through the payment account of the payment service provider of Law 3862/2010 or by electronic wallet, etc.
