ATHENS – From this year and on a permanent basis, Greek citizens will have to pay 860 million euros less Uniform Real Estate Property Tax (ENFIA) than they did under the SYRIZA government in 2018, Finance Minister Christos Staikouras said on Wednesday in Parliament, during the debate on a draft finance ministry bill that modernises the operation of the capital market and also reduces ENFIA.

He said the new reduction in ENFIA was calculated at 360 million euros in nominal value but the reduction in tax actually collected was forecast to be closer to 240-250 million euros “because experience has shown that when tax rates are reduced, collectability increases.” He noted that for every 1 pct increase in collectability, ENFIA (revenues) increased by 20 million euros.