The Greek state is moving forward with a comprehensive digital registration of all real estate assets in the country with the establishment of an electronic registry platform.
The new platform, called the “Property Ownership and Management Registry” (MIDA), the Hellenic Revenue Authority (AADE) aims to list all the details about the immovable property held by more than million taxpayers.
The initiative is expected to include information about leased properties as well as those transferred freely, monthly and annual lease revenues, and details of the tenants.
MIDA will incorporate:
Details from the electronic “asset declaration” created through the E9 statements of individuals and legal entities. These details will be transferred without the intervention of taxpayers. Property owners will have the opportunity to review the information and rectify any discrepancies.
Information on leased properties derived from the AADE’s electronic platform for rental properties and the E2 form of tax declarations.
The plan specifies that the new electronic application will be operational by September 2024. Additionally, the tax audit mechanism will leverage artificial intelligence for cross-referencing and identifying taxpayers who may have concealed properties or reported smaller surface areas in their E9 declarations to evade taxes and fees (ENFIA, income tax, municipal taxes, property fees, etc.). Offenders will face retroactive taxes and fines, and their information will be forwarded to urban planning authorities to impose relevant fines for unauthorized constructions.
The new mechanism will allow authorities to instantaneously cross-reference properties declared as rented with the amounts of rent collected and declared by property owners and tenants. The MIDA will be automatically updated each time a property owner submits a declaration, and when an owner declares the termination of a property lease.
The registry will be linked to the electronic archive of income tax declarations of individuals and legal entities. This linkage will enable the AADE to supplement the incomes derived by property owners from the exploitation of their real estate in the E1 and E2 forms of their tax declarations.