Thursday October 30, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
No change to receipt collection system

 Finance Ministry announces spending at supermarkets, tavernas and fuel stations will count in 2014

By Prokopis Hatzinikolaou

Following months of wrangling and with the year already in its 10th week, the Finance Ministry finally reached a decision on Friday on which receipts taxpayers should collect for tax purposes in 2014. The decision signed by Deputy Minister Giorgos Mavraganis provides for no change to the system used in 2013, given that receipts from supermarkets, fuel stations, tavernas and so on will fully count toward the sum taxpayers are required to collect for the year.

The only difference from 2013 is that for 2014 taxpayers will only have to collect receipts equal to just 10 percent of their annual income (up to the maximum level of 10,500 euros), against 25 percent for 2013 incomes.

For taxpayers to enjoy the tax exemption of 2,100 euros from their annual income to the full, they will need to collect one-tenth of their income in receipts, otherwise they will be forced to pay a fine equal to 22 percent of the sum they have failed to cover with their collected receipts. For example, a taxpayer with an income of 20,000 euros would require receipts totaling 2,000 euros for 2014, while for 2013 they required receipts of 5,000 euros. The 22 percent penalty means that a taxpayer with an income of 20,000 euros and receipts of 1,000 euros in 2014 will be forced to pay a fine of 220 euros.

Among the receipts that count for tax purposes are those from spending on food, beverages, tobacco, apparel, house repair and maintenance services and materials, durable goods (such as household items), fuel for and maintenance of vehicles, recreation and entertainment, hotels, cafeterias, restaurants and tavernas. Not included are receipts for public transport services, utilities, telecommunications, pay TV, road tolls, private schools and property rentals, among others.

Details of 2013 incomes and receipts collected last year will have to be submitted electronically to the Finance Ministry by June 30 at the latest.

The receipts are only taken into account for the calculation of the taxable income if they are included in an income declaration submitted in time; they are added up for spouses and divided between them depending on the declared and taxed income.

ekathimerini.com , Friday March 7, 2014 (22:26)  
European stocks tumble as banks decline after Enrias comments
Germanys bonds rise as consumer prices decline in six states
Peripheral banks lead European shares lower after positive start
Greek euro dilemma is back as minister predicts volatility
Tsipras to meet with BoG governor on Thursday
SYRIZA chief Alexis Tsipras was expected to meet with Bank of Greece Yannis Stournaras on Thursday. According to sources the meeting had been originally scheduled for Friday, but was nearly ...
Over 1,500 buildings and vehicles damaged in flash floods
Applications for compensation following heavy showers last Friday had reached 1,085 for homes and businesses and 422 for vehicles by Thursday, while 395 people had filed for emergency compen...
Inside News
BASKETBALL
Panathinaikos and PAOK retain perfect record
The third round of games in the Basket League over the weekend saw PAOK overcome the strong resistance of host KAOD at Drama, and Panathinaikos and Olympiakos inflict heavy losses on AEK and...
SOCCER
Gattuso recalls resignation from OFI bench
Gennaro Gattuso has recalled his resignation from the OFI Crete bench following pressure by the clubs fans and administration, one day after his quitting accusing the club and its players o...
Inside Sports
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity reign in the Cent...
COMMENTARY
Cool heads required
Its time for Athens and Nicosia to deal with the current situation in Cypruss Exclusive Economic Zone (EEZ), which a Turkish seismic research vessel has breached against international law,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. European stocks tumble as banks decline after Enrias comments
2. Tsipras to meet with BoG governor on Thursday
3. Germanys bonds rise as consumer prices decline in six states
4. Over 1,500 buildings and vehicles damaged in flash floods
5. Clientelism belongs to the past, says Mitsotakis
6. Peripheral banks lead European shares lower after positive start
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Peripheral banks lead European shares lower after positive start
4. Clientelism belongs to the past, says Mitsotakis
5. Over 1,500 buildings and vehicles damaged in flash floods
6. Germanys bonds rise as consumer prices decline in six states
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Austrias creative bookkeeping beats Greece on secret debts
3. Cyprus to block Turkey's EU talks after EEZ violation
4. End of reason, end of humanity
5. Clean bill of health for Greek banks from stress tests
6. Samaras pledges action after flash floods in Athens
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.