On 12 September 2019, the Prime Minister has made an announcement of their confirmation to introduce tax rate cuts and other planned tax measures at the opening of the annual International Trade Fair of Thessaloniki. According to plan, corporate tax rate will be reduced from 28% to 24%; dividend withholding tax rate will be reduced from 10% to 5%. This also includes a new income tax rate of 9% from 22% for individual having income up to EUR 10,000. The president said that the government would gradually reduce social security contributions by 5% point up to 2023 for those in full-time employment. As part of the incentives to boost the property sector, he promised to scrap value added tax (VAT) on new construction for three years and capital gains tax on property sales. These changes are to be presented in Greek parliament in October 2019 and will be applicable as of 2020.