Περιεχόμενα Άρθρου
Tax Credit for Building Upgrade Expenses
According to Article 39B of the Tax Code, the expenses of receiving services related to the energy, functional and aesthetic upgrading of buildings reduce the taxpayers’ income tax. The tax credit provided amounts to forty percent (40%) on building upgrade expenses. The discount is distributed equally over a period of four (4) tax years and for a maximum total amount of expenses up to sixteen thousand (16,000) euro. This means that the maximum total discount amounts to six thousand four hundred (6,400) euro.
Eligibility
All taxpayers who have the right to full ownership or usufruct of the building on which the costs of energy, functional and aesthetic upgrading are carried out can benefit from the tax deduction. The taxpayer may use the building either as a company headquarters or branch or as a primary or secondary residence.
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Conditions
For the income tax deduction to be valid, the following conditions must apply cumulatively:
The building in which the upgrade costs will be incurred has not been, nor will be, part of any building upgrade program.
Expenditures are made from January 1, 2020, to December 31, 2024.
- Expenses have not been deducted from gross business income.
- The taxpayer keeps the legal documents of the expenses, as well as pays them with electronic means of payment or through a payment service provider.
- The taxpayer has the right to full ownership or usufruct in the building in which the energy, functional and aesthetic upgrade expenses are carried out for the current tax year.
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How can QBC help you?
Following the latest developments in tax legislation and having the necessary know-how, QBC Tax Consultants are at your side to help you achieve maximum tax compliance and benefit for your business.
Through accounting outsourcing and supervision services, QBC supports businesses in evaluating and restructuring their existing accounting systems to make them more efficient and effective.
For more information on corporate tax and accounting, you can contact us by phone at 216 900 7576 or submit a contact request and one of our Consultants will serve you immediately.
