Thursday April 17, 2014 Search
Weather | Athens
15o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Receipt collection measure to remain in force

 Creditors insist on it as they have witnessed no progress in the battle against tax evasion

By Prokopis Hatzinikolaou

The Finance Ministry has been forced by the country’s creditors to do a U-turn and retain the measure of receipt collection in its effort in order to beat tax evasion. As a result, salary workers and pensioners will have to collect and hold onto the receipts from their retail purchases next year too.

The measure next year will not be linked to a tax-free level as that is to be abolished; instead, receipt collection will be used for taxpayers to secure a tax deduction starting from 1,950 euros for annual incomes of 18,000 euros and decreasing gradually for higher incomes. As a result, the discount will go down by 50 euros per 1,000 euros of yearly income above 18,000 euros, and then by 100 euros per 1,000 euros of annual income over 29,000 euros.

Just like this year, taxpayers will have to collect a sum in receipts that equals a quarter of their annual income to get the 1,950-euro tax discount, but in case they fail to get that amount their discount will decrease. The tax penalty imposed on them will equal to 10 percent of the difference between the value of the receipts collected and 25 percent of their income.

Notably, those who are not entitled to a tax discount because their annual income exceeds the threshold of 48,000 euros will also have to pay a 10 percent penalty on the difference between the amount collected and 25 percent of their income if they fail to match them. The penalty amount will appear on their tax invoice.

Sources said that the representatives of Greece’s creditors insisted on the measure of receipt collection being retained as they saw no progress in the battle against tax evasion.

The draft tax law is expected to be tabled in Parliament by the end of the month. It will include the creation of a new income tax system with three brackets and no tax-free level.

The first bracket will be up to 26,000 euros per year with a rate of 21 percent, the second will be for incomes from 26,001 to 48,000 euros with a rate of 36 percent and the third one, for incomes over 48,000 euros, will be taxed at a 45 percent rate.

Tax-free levels for people with children and the majority of tax exemptions will be abolished.

ekathimerini.com , Friday November 9, 2012 (20:33)  
Thursday´s bourse rise wipes out most weekly losses
Greek current account deficit widens in February
National Bank of Greece plans senior unsecured bond sale
Yield on first post-default Greek bond falls to issuance level
Lafazanis denies speculation of rift within SYRIZA party
SYRIZA MP Panayiotis Lafazanis, who leads the man opposition party's so-called Left Platform, on Thursday sought to play down reports of a heated argument with party leader Alexis Tsipras du...
Homemade bomb targets car of deputy Parliament speaker´s wife
A homemade explosive device on Thursday destroyed the car of deputy Parliament Speaker Giorgos Kalantzis's [photo] wife. The vehicle was parked outside the couple's home in Kavala, northern ...
Inside News
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national team’s triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
EDITORIAL
Transparency of political party funding
Ensuring transparency in the funding of political parties and the manner in which they choose to spend their funds are crucial to the smooth functioning of our democracy. After all, most of ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Thursday´s bourse rise wipes out most weekly losses
2. Lafazanis denies speculation of rift within SYRIZA party
3. Greek current account deficit widens in February
4. National Bank of Greece plans senior unsecured bond sale
5. Yield on first post-default Greek bond falls to issuance level
6. Homemade bomb targets car of deputy Parliament speaker´s wife
more news
Today
This Week
1. Greece startup leaders say they can’t break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Seven arrested over Toumba violence
4. Mayoral candidates clash over Athens mosque plans
5. Homemade bomb targets car of deputy Parliament speaker's wife
6. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Samaras sees no need for third bailout
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.