Individuals have until the end of the day to finalise their tax returns, as the deadline expires. At the same time, taxpayers will have to pay income tax in a lump sum if they want to take advantage of the 3% deduction «provided» by the Ministry of Economy and Finance.
The progress of the submission of income tax returns shows that the deadline for the submission of returns for individuals is a «bet» that tax advisors can win, as the vast majority of returns have already been submitted
At the same time, the deadline for the submission of amended declarations expires today.
Any deletions, additions or corrections to the codes in the declaration may be made without penalty, provided they are made within the day.
What remains to be seen is whether the submission of tax returns for legal entities will proceed at the same pace.
3% income tax deduction
The provision states that «Where personal income tax for the tax year 2023 is paid in one lump sum by the due date for payment of the first instalment, a three percent (3%) deduction shall be granted on the total amount of the tax and the related debts».
- One-off payment with discount 3% until 2 August 2024; or
- In 8 monthly instalments with the first to be paid by 2 August 2024 and the second by 30 August 2024.
What about the fines
Taxpayers who do not take advantage of the short extension and do not submit their tax returns on time will face fines of up to €500.
In detail, the fines are as follows:
- EUR 100, regardless of the result of the clearance, i.e. whether it is zero, credit or debit in the case of late returns of natural persons.
- In case the return is debit, a penalty of 0.73% is imposed for each month of delay from the tax payment deadline.
- EUR 100 for overdue initial declarations of natural and legal persons keeping simple books, which are credit or zero and EUR 250 for debit initial declarations.
- EUR 100 for late initial declarations of natural and legal persons keeping double-entry books, which are credit or zero and EUR 500 for debit initial declarations, a fine of EUR 500 is imposed.
Chrysanthi Stetou - CNN Greece
