Wednesday April 22, 2015 Search
Weather | Athens
14o C
09o 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)  
Carrot to pay income tax all in one go
IOBE: No agreement would be a huge failure
Haircut on Greek banks’ collateral?
Uncertainty hits bookings from Germany and the UK
Greek PM eyes Merkel support
Prime Minister Alexis Tsipras is to meet with German Chancellor Angela Merkel Thursday in Brussels in a bid to secure a statement of political support from Berlin amid tough negotiations wit...
Mayors resist coalition´s demand to hand over cash reserves
Mayors insisted on Tuesday that they would not allow their municipalities’ cash reserves to be transferred to the Bank of Greece, as the government wants, at least until they have held a mee...
Inside News
BASKETBALL
Second win for the Reds over Barca in four days
Olympiakos is one step from the Euroleague Final Four in Madrid after downing Barcelona on Tuesday for the second time in four days, to edge ahead 2-1 in the best-of-five play-off series. Th...
BASKETBALL
Panathinaikos recovers to beat CSKA for 2-1
Three-pointer master Panathinaikos had the last laugh at the end of Game 3 of its series with CSKA Moscow on Monday winning 86-85 and reducing the Russians' lead to 2-1 in the best-of-five p...
Inside Sports
COMMENTARY
IMF needs to correct its big Greek bailout mistake
The Greek government's mounting financial woes are leading it to contemplate the unthinkable: defaulting on a loan from the International Monetary Fund. Instead of demanding repayment and fu...
COMMENTARY
Tragedy in the Mediterranean
Every time we in the West see yet another video of an atrocity committed by Islamic State or Boko Haram and express our abhorrence, and every time we are shocked to read of a boatload of mig...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Second win for the Reds over Barca in four days
2. Carrot to pay income tax all in one go
3. IOBE: No agreement would be a huge failure
4. Haircut on Greek banks’ collateral?
5. Uncertainty hits bookings from Germany and the UK
6. No leap in relations with Russia
more news
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Tragedy in the Mediterranean
3. No ferries on Labor Day as seamen take industrial action
4. Silence is not an option
5. Two men accused of migrant smuggling face prosecutor over deadly shipwreck
6. ECB studying curbs on Greek bank support
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Time to get serious
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. Greece denies report that it is preparing for debt default
6. Greek government's popularity takes a hit as talks drag on
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.