BUSINESS

You can throw out 2016 receipts

TAGS: Finance, Taxation

Taxpayers can stop collecting the receipts for retail purchases and throw away all those they have collected to date, as they will not count toward this year’s tax-free allowance.

Salary workers, pensioners and farmers will enjoy a tax-free amount ranging between 1,900 and 2,100 euros, depending on their family situation, without needing any receipts. As was the case for 2015 incomes, the income declaration for 2016 to be submitted by taxpayers in spring 2017 will not have a field for receipts collected.

By contrast, the draft of the updated bailout agreement that Greece’s creditors have submitted to the government provides for the new system of online transactions to be fully operative in 2017 (although no specific date has been cited), so that taxpayers who use their credit or debit cards or conduct transactions through online banking services will, by doing so, not have to pay tax on a certain amount of their income in 2018.

The draft also provides for an additional tax-free allowance for taxpayers who make payments online or using credit/debit cards amounting to over 80 percent of their annual income, while there will be exceptions for certain categories of taxpayers such as those aged over 65 and those living in remote parts of the country.

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