BUSINESS

Receipts demand is not for all

PROKOPIS HATZINIKOLAOU

TAGS: Finance, Taxation

The new tax bill to be put up for public consultation on Friday will scrap the obligation of online receipts for 11 categories of citizens as of 2020, Kathimerini understands. Furthermore, the calculation of the 30 percent threshold for online transactions as a proportion of taxpayers’ income will concern their real incomes and not the estimates tax authorities make on each taxpayer’s assets and expenditure.

To date, any taxpayers with low incomes and expensive assets or high spending had to produce online receipts based on their estimated income, not the actual one they declared, but the new tax bill is set to change that.

Any taxpayers that fail to produce online transactions (via credit/debit cards or e-banking) equal to 30 percent of their actual income will pay a fine equal to 22 percent of the difference between the sum of their electronic payments and the 30 percent threshold.

Among the categories of citizens who won’t be forced to make online transactions are those aged over 70, people with a more than 80 percent disability, and any taxpayers living in villages with up to 500 inhabitants or islands with up to 3,100 people (unless they are tourism destinations).

The bill also reduces the corporate tax from 28 percent to 24 percent and suspends the value-added tax on properties licensed after January 1, 2006.

It further offers incentives for attracting wealthy non-residents to the Greek tax register, with the emerging details looking quite appealing for the super-rich. Sources say that anyone who transfers their tax domicile to Greece will enjoy significant tax discounts for their global income, which regardless of the level will be taxed 100,000 euros, plus 20,000 euros per family member.

The clause not only addresses individuals but corporations too, as long as they make investments of at least 500,000 euros within three years. The greater the investment they make, the lower their tax dues will be, according to the new bill, so an investment of 1.5 million euros will only incur a tax of 50,000 euros, and a 3-million-euro investment will incur half that, at 25,000 euros.

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