Reduction of tax fines on pre-2014 cases


TAGS: Taxation, Finance

Fines for tax violations dating from before 2014 are being reduced, according to a circular issued by the Independent Authority for Public Revenue, and this includes cases that are pending at the arbitration committee and administrative courts.

For taxpayers whose cases have been investigated and their fines have already been imposed, there is no refund or offsetting of other debts, as the reduction in fines only concerns cases where inspections are yet to be implemented or are under way.

According to the legislation, any fines above the level of 120 percent of the original overdue tax can be slashed considerably to reach the maximum level of 50 percent of the original tax.

For instance, if on January 15 a fine is imposed on a taxpayer for the delayed submission of a declaration dating from 2013, the additional tax would have amounted to 1,200 euros according to the existing system, but under the new system will come to just 865 euros.