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Greeks will collect receipts again in 2014

22 December 2013 / 13:12:59  GRReporter
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Greek taxpayers will be required to collect receipts again in 2014, according to an amendment submitted in parliament on Friday. These receipts have to be equal to 10% of their income instead of 25% as it is today. The preservation of the measure with the collection of receipts shows that the government will be ready to introduce the property register in 2014, despite statements of the Minister of Finance.

Under the new conditions, receipts equal to 10% of the income will be collected in 2014 and they should not exceed 10,500 euro.

22% tax

If the amount of collected receipts of the taxpayer is less than the required, the difference will be taxed at a 22% rate. For example, for an income to the amount of 20,000 euro, receipts worth 2,000 euro will be required. If the taxpayer provides receipts worth 1,000 euro, i.e. 1,000 euro less, besides other taxes he or she will have to pay an additional tax of 220 euro in this case (1,000 x 22%). Taxpayers with an annual income of 40,000 euro will have to collect receipts to the amount of 4,000 euro in 2014 which they will have to present together with their tax return for 2015. In comparison, under the previously existing regime, they had to collect (and submit to their tax office in the spring of 2014) receipts amounting to 10,000 euro. Also, taxpayers with an annual income of 50,000 euro will need to collect receipts worth 5,000 euro in 2014. If they submit receipts worth 3,000 euro to the tax office, they will have to pay an additional tax to the amount of 440 euro for receipts which were not collected.

Expenditures

As stated in the amendment submitted to Parliament, a decision of the Minister of Finance will determine the expenditures that require the submission of receipts, the manner of their distribution between spouses, the categories of taxpayers who will be exempt from that obligation and all other details about the implementation of the measure with the collection of receipts. Those who will not be required to submit receipts include officials in the Ministry of Foreign Affairs and other state political offices, as well as employees of the Greek National Tourism Organization, the Permanent Representation to the European Union, the military serving abroad, employees of the Chamber of Commerce in Athens, officials in the National Organization of Small and Medium Enterprises of the processing industry, employees of the Hellenic Confederation of the Union of Agricultural Cooperatives, working in their representative offices in Brussels, as well as those living in nursing homes.

Another amendment which was also introduced on Friday in Parliament amends the provisions of the rules for determining taxable incomes from entrepreneurial activities of construction companies. According to the amendment, the rules will apply in terms of determining taxable incomes for real estate the building permit of which has been issued or revised after 1 January 2006.

Tags: Receipts taxes taxable income taxpayers
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