Revealing the property developer's latest "Shopping for new markets" report at the MAPIC retail property show in Cannes, JLL Partner Vince Prior said countries in south east Europe would be opened up to retail developments following harmonisation of national tax regimes across the EU.
Greece is a country most likely to benefit in development terms as it has suffered from particularly heavy taxation, preventing developments from investing in shopping centres.
'As South Eastern Europe is drawn into the economic main-stream its consumers are going to demand fashion & consumer durables in vast quantities,' the report states.
In Greece, an annual tax has been imposed on the value of real estate since 1 Jan 1997. Additionally, there are 40 different types of property tax, mostly payable by the owner. These include tax on properties and income, municipal and third party taxes and tax on construction.
While exemptions and allowances are available, the proposed harmonization of taxes across the European Union is likely to lead to a different and more beneficial tax regime in the future.
The Body Shop International, listed on the London Stock Exchange has been present in Greece since 1979. General Manager Nickolaos Mastrandreas said; 'Tax based on retail turnover is payable to the local authorities. But I think the future looks promising, especially if Greece joins the European monetary union.'
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