Thursday Jul 24, 2014 Search
Weather | Athens
32o C
23o 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)  
No property transactions for tax evaders
IOBE warns crisis will return if reforms are not implemented
Aegean has expressed an interest in Cyprus Airways
‘Stop tax dodging to lower taxes’
Family of deceased woman on life support says application for ´special status´ had been filed with PPC
The family of a 56-year-old quadriplegic woman on life support who died on Wednesday, allegedly after the Public Power Corporation cut electricity supplies to her home due to unpaid bills, h...
Democracy ´retreated´ during crisis, says Papoulias
The crisis caused the democratic process to "retreat" and that is probably the most dramatic side effect of the financial crisis noted Greek President Karolos Papoulias in a statement markin...
Inside News
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
When evaluation is seen as useless
The reactions toward the government’s plans for an evaluation of public sector workers are completely unsurprising. Civil servants – and not just the unions that represent them – abhor the m...
EDITORIAL
Playing the good guy
There is a part of the government that is striving to fulfill the commitments that Greece has undertaken toward its foreign creditors, most of which pertain to reforms that are absolutely es...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Family of deceased woman on life support says application for ´special status´ had been filed with PPC
2. Democracy ´retreated´ during crisis, says Papoulias
3. Quadriplegic woman on life support ´dies due to unpaid power bills´
4. No property transactions for tax evaders
5. IOBE warns crisis will return if reforms are not implemented
6. Aegean has expressed an interest in Cyprus Airways
more news
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Democracy 'retreated' during crisis, says Papoulias
3. Family of deceased woman on life support says application for 'special status' had been filed with PPC
4. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
5. Front-line threats
6. EU praises Greece’s progress in departure from troika criticism
Today
This Week
1. The cost of excellence
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Greece seen in third bailout as bonds not enough, economists say
4. Climber dies in Mount Olympus fall
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Greek sovereign debt at 174.1 percent of GDP in first quarter
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.