Monday December 22, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Correcting injustices in tax legislation

 Amendments exempt students and unemployed from taxation; small firms to pay VAT after collection

By Prokopis Hatzinikolaou

A series of amendments tabled in Parliament on Friday by Finance Minister Yannis Stournaras are intended to correct the injustices of past tax bills affecting the unemployed, students and those who had particularly low incomes during 2013.

The main amendment provides for students, landlords, depositors and unemployed people with annual incomes of up to 5,000 euros, or with assets equivalent to an income up to 9,500 euros, to be taxed according to the brackets used for salary workers and not those used for freelancers. That means they will not have to pay a tax deposit and will be able to enjoy a tax exemption for up to 2,100 euros of their income if they can provide the authorities with receipts equal to 25 percent of their income.

Consequently, an unemployed taxpayer who only receives rent from the property he owns amounting to 4,000 euros per year until today had to pay 400 euros in income tax plus 220 euros as the 55 percent deposit for next year’s income – i.e. 620 euros. Now he won’t have to pay anything, provided of course that his assets do not correspond to a taxable income of 9,500 euros per year.

The so-called extraordinary solidarity levy will now be paid by all taxpayers over the course of the year and not the following year together with the payment of income tax. Today salary workers pay the levy on a monthly basis, while freelancers pay it up to a year later. Pensioners will have their levy taken out of their pension during the year’s 12 months, as is the case with their income tax.

Inheritance tax can now be paid with the transfer ownership of the assets to the state by the taxpayers instead of a cash payment, upon the taxpayer’s request. The owner could even transfer another asset instead in order to fulfill his obligations to the tax authorities, provided it covers the tax due. Under no circumstances however will taxpayers get any change for what they concede to the state.

Another amendment implements the government’s pledge that value-added tax will be paid by companies with an annual turnover of up to 500,000 euros upon customers’ payment. In the future the turnover limit for that clause may well rise to 2 billion euros, according to sources.

ekathimerini.com , Friday April 25, 2014 (20:01)  
Alpha Bank Cyprus to absorb local Emporiki
Greece’s 10-year bond yield drops 13 bps to 8.30 pct
Traders stay focused on Tuesday’s vote
Spanish bond gains push yield to record low as Greek debt rises
Gov´t seeks better result in second presidential vote as bribe claim probe shelved
With all political parties now actively preparing for the prospect of snap elections, MPs are to vote in the second ballot of a critical three-phase presidential vote at noon on Tuesday. The...
Civil servants to grade evaluation scheme
As of Monday, Greek civil servants are now able to have a say in the public sector evaluation scheme that is currently undergoing fine-tuning by the Ministry of Administrative Reform. By log...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS – The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
‘Crisis of confidence will come back again and again,’ says Thomas Piketty
He’s treated like a rock star wherever he goes to lecture. His book “Capital in the 21st Century,” a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Gov´t seeks better result in second presidential vote as bribe claim probe shelved
2. Civil servants to grade evaluation scheme
3. Police collar fraudsters who conned money out of jobless
4. Bill aims to close down landfills, curb EU fines
5. Alpha Bank Cyprus to absorb local Emporiki
6. Greece’s 10-year bond yield drops 13 bps to 8.30 pct
more news
Today
This Week
1. Greek parliament vote in balance after Samaras election offer
2. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
3. Euro shaky on ECB and Greece, dollar keeps edge
4. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
5. Draghi starts squaring QE circle in month of persuasion for ECB
6. Klaus Regling stresses debt sustainability through commitment to reforms
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.