BUSINESS

Snap payment for overdue tax rebates

PROKOPIS HATZINIKOLAOU

TAGS: Finance, Politics

Outstanding income tax and value-added tax rebates of up to 10,000 euros will be immediately paid out to businesses and individuals without any need for inspections, according to a circular issued on Wednesday by the Independent Authority for Public Revenue in accordance with the legislation.

The measure, which points to an upcoming general election in the next few months, will assist companies and taxpayers considerably as in many cases they have been awaiting rebates for years. However, the circular only concerns pending rebates up to October 11, and not any future ones, which is reminiscent of previous pre-election measures.

Tax offices across the country are being asked to immediately disburse amounts of up to 10,000 euros per case. In corporate rebates in particular, those up to 10,000 euros account for 90 percent of the outstanding cases, but they represent just 1.24 percent of the total amount pending.

The Finance Ministry’s goal is to have cleared out the entire stock of rebates pending for more than 90 days by the end of the year. Data show that some businesses have been waiting over four years for their rebates.

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