Thursday October 23, 2014 Search
Weather | Athens
24o C
14o 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)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.