BUSINESS

Income tax declaration deadline is June 30

PROKOPIS HATZINIKOLAOU

TAGS: Finance, Taxation

All taxpayers will have to submit their income tax declarations by June 30, according to a law amendment tabled in Parliament on Tuesday, while monthly road tax payments are making a comeback.

Taxpayers’ first income tax installment is due by July 31, the second by end-September and the third by end-November. The number of installments for businesses has been slashed from eight to six, with the first payable by the end of the month after the declaration’s submission, instead of the same day. The subsequent five tranches are due on the last day of the following five months.

The Finance Ministry has also decided to allow vehicle owners who had handed in their license plates because they couldn’t afford the road tax to take them back and pay a part of the tax depending on the period of road use: For example, for a month’s use they must pay 2/12ths of the annual rate, or 4/12ths for three months’ use, while to return a vehicle to the roads until the end of the year the owner will have to pay for the number of months left plus another 2/12ths.

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