TAX EXEMPTIONS

You are a young or new young farmer. Law 2520/97, beyond the other incentives, also provides for you the following tax exemptions:

1. Deduction from the net agrarian income of the amount paid for rent for the agrarian land and a 50% deduction for the purchase of fixed assets of the exploitations’ equipment.

2. An increase for a period of 10 years of the tax-free amount, in relation to the amount applicable for other farmers.

3. Tripling of the tax-free amounts arising from bequests in relation to the amounts payable by other farmers.

4. Exemption from the inheritance tax and settlement tax of all the coheirs provided that they will transfer to you for a period of at least 10 years the exclusive management of the agrarian exploitation you have inherited in common.

5. Exemption from the transfer tax of an amount up to 75% of the market value of every sq. kilometer that has been transferred to you because of death or parental allowance.

6.In case that you obtain by means of any one of the above mentioned ways (inheritance, donation, parental allowance, purchase) a viable exploitation, then, not only you are not going to pay a transfer tax, but even the taxes arising from previous transactions that has been asserted or paid, is cancelled or refunded respectively.