Monday April 27, 2015 Search
Weather | Athens
14o C
09o 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)  
´Frustrated´ Germany says ball is in Greece´s court
Italy says no «Plan B» on Greece, need quick deal on bailout
European shares fall, Greek concerns weigh
Greek yields rise after creditors give Athens cold shoulder
Seven charged with corruption over sale of Daimler vehicles to Greek military
Greek anti-corruption prosecutors have issued felony charges against seven people in Greece and Germany allegedly connected to the bribing of public officials over the sale of vehicles made ...
Greeks add pressure on Tsipras to compromise as talks resume
Greece resumed efforts to break a deadlock with its creditors as weekend polls showed a majority of the country’s people want the government to make compromises needed to release funds for i...
Inside News
SOCCER
Panathinaikos beats Xanthi to rise to second
Panathinaikos jumped back up to the second spot of the Super League after its home win over Xanthi on Saturday, as PAOK slumped to third due to its draw at home with PAS Giannina on Sunday. ...
WATER POLO
Olympiakos wins Euro crown in women´s water polo
The women’s water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturday’s final. After defe...
Inside Sports
ANALYSIS
If Greece falls, no one wants their prints on the murder weapon
«We're going bust.» «No, you're not.» «You're strangling us.» «No we're not.» «You owe us for World War Two.» «We gave already." The game of chicken between Greece and its international cred...
COMMENTARY
Reaching crunch time
Several cabinet ministers and MPs are no longer hiding it: They either openly admit that they are promoting the drachma or they murmur things like, “Why not the drachma?” Some go even furthe...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Seven charged with corruption over sale of Daimler vehicles to Greek military
2. ´Frustrated´ Germany says ball is in Greece´s court
3. Italy says no «Plan B» on Greece, need quick deal on bailout
4. Greeks add pressure on Tsipras to compromise as talks resume
5. Tsipras reshuffles negotiating team after Riga debacle
6. Anastasiades says Akinci win raises hopes for reunification
more news
Today
This Week
1. Greece’s day of reckoning inches closer as debt payments loom
2. Pensions will not be cut, insists social insurance chief
3. Berlin silent on content of Merkel-Tsipras chat amid claims of 'dramatic' situation
4. Anastasiades, Akinci speak and look towards fresh push in peace talks
5. ECB seen going all the way on QE as economists doubt taper
6. Two Greeks in quake-stricken Nepal reported safe
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Europe's collision course with Greece
3. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
4. Denialism
5. Leaving the past in the past
6. The price of compromise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.