BUSINESS

Gov’t plans to cut corners for paying rebates to companies

PROKOPIS HATZINIKOLAOU

TAGS: Finance

The Finance Ministry is planning for the immediate return of income tax and value-added tax rebates due to enterprises for amounts up to 10,000 euros without the need for more thorough inspections.

Sources say some 50,000 firms stand to benefit from the regulation that is to be brought to Parliament, considerably reducing the sum of outstanding tax returns, which currently adds up to 1.2 billion euros.

This regulation will supply some much-needed liquidity to companies in this dire economic environment and comes on top of a decision by the head of the tax administration, Giorgos Pitsilis, for accelerating procedures giving rebates to major enterprises for amounts that top 250,000 euros provided they have a clean tax record.

All this forms part of the government’s effort to meet a bailout pledge for settling a part of its debt to the market.
 

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