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Finally cash registers are being introduced everywhere in Greece

20 March 2010 / 12:03:13  GRReporter
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After long term debates and constant changes, the tax reform of the government of PASOK is in its final version. Regardless of the series of protests, strikes and other forms of civil insubordination from the first of July 2010 the taxies, newspaper kiosks, gas stations and other categories of liberal profession will be obliged to have certified by the tax authorities cash registers and to issue receipts for all the products and services they have offered. In this way these profession will be taxed on the basis of their real incomes and expenses. The current form of taxation for these professions was on the basis of a fixed tax regardless of the turnover and the profit of the respective companies and entrepreneurs.

Regarding the annual taxation of the private people, those citizens ones who have an annual income of less than 40 thousand euro will be favored by the new law. The nontaxable annual income remains at the amount of 12 thousand euro, 10% of which have to be accounted for by presenting documents certifying the expenses that have been made (receipts, vouchers and bills for the products and services). For an annual income of over 12 thousand euro the citizens will have to submit primary financial documents for 30% of the income they have declared. The nontaxable annual income for a married person increases by 3000 euro for the first two children from the current 2000 euro and in case of three children the total amount of the nontaxable annual income becomes 23 500 euro from the current 22 000 euro. The government of George Papandreou made the decision to change the way of taxation of the single payment compensations paid in case of retirement or prematurely lay off work. Currently for the compensations which are over 20 thousand euro a 20% tax was imposed. According to the reforms for compensations in the amount of 30 thousand to 60 thousand euro will be imposed a 20% tax, for compensations in the amount of 60 thousand to 150 thousand euro – 30% tax and for all the amounts above that figure – 40% tax.

For the purchase of a new home the government will not deduct taxes if its value is up to 200 thousand euro for a non married person. The purchase of a home by family people will not be taxed if the value of the property is up to 250 thousand and for a four-member family the amount reaches up to 300 thousand euro. A 40% tax will be imposed to the owners of real estate property which tax valuation exceeds 400 thousand euro in Greece.

The new bill stipulates that all monetary transactions made from and between private companies and private people and which exceed 1500 euro should be made via the internet. The same will be valid for all the payments to the governmental institutions when the amount exceeds 3000 euro.

Tags: Economy Markets tax changes
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