Friday March 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Taxpayers facing a barrage of obligations in next nine months

Unfinished buildings with power will come under the special property tax.

By Sotiris Nikas

Taxpayers face a demanding nine months ahead, starting from June and ending in February 2014, with the implementation of a multi-bill drafted by the Finance Ministry and debated in Parliament over the weekend.

Besides regular income taxes and numerous other obligations being faced by Greek taxpayers, the taxation of real estate property has become the focus of attention after the ministry’s decision to demand the payment of the 2011 and 2012 property tax (FAP) in seven monthly installments this year.

Taxing property is seen as the only safe and efficient way to boost revenues, given that indirect taxation is bringing ever-smaller amounts of money into state coffers due to the drop in consumption. In this context, the fiscal adjustment as far as revenues are concerned this year will rely on taxing property.

The measures of the multi-bill are projected to generate an additional 5.9 billion euros in state revenues for the period from 2013 to 2017. The state stands to gain in excess of 6 billion euros from the measures with the addition of a planned increase in teachers’ working hours that is expected to save 103 million euros from the budget spending of 2013 and 2014.

The settlement of debts to tax authorities is expected to fetch 2.73 billion euros in these five years; the application of the extraordinary special property levy, to be paid again this year through electricity bills, will bring in an estimated 1.9 billion euros; the settlement of debts to the social security funds will result in the collection of 795 million euros in the period from 2013 to 2016 according to labor industry estimates; and the extraordinary levy on photovoltaic systems will add 490 million euros this and next year to state revenues.

The property tax to be paid again via power bills will be broken down in five installments, with the last due in February 2014. Its rate will be 15 percent lower than in the two previous years, as the number of properties to be taxed has grown considerably with the inclusion of properties rented to the state, 17 percent of the surface of camping enterprises and even unfinished buildings that are connected to the power grid.

The FAP property tax for 2011 and 2012 will concern over 500,000 owners, who will start receiving pay notices in June. The FAP for 2013 will also be payable this year, in four installments, with notices expected from September.

Finally, people with expired debts to the state will be able to settle them in as many as 48 monthly installments.

ekathimerini.com , Sunday April 28, 2013 (21:17)  
Italian bonds fall with Spain´s as Greek debt proposals awaited
Provisions for unpaid bills hurt Greek power utility PPC
Austrian Finmin sees crisis of confidence in Greece
Bundesbank´s Weidmann says euro zone debt in ´danger zone,´ opposes more aid for Greece
Alternate Finance Minister Tsakalotos says Athens ´prepared for rift´
Alternate Finance Minister Euclid Tsakalotos on Friday made waves by saying that the Greek government was "always prepared for a rift." Tsakalotos, who is the ministry's key official for int...
Some 70 migrants found on berm on Greek-Turkish border
Greek border police say they have rescued about 70 migrants stranded on a berm on the Greek-Turkish border after they crossed the river dividing the two countries and found the fields on the...
Inside News
BASKETBALL
All is well that ends well for Olympiakos
Young Ioannis Papapetrou helped Olympiakos stage an impressive last-quarter performance to beat visiting Efes Anadolu 86-75 on Thursday and bring its Euroleague losing streak to an end. The ...
BASKETBALL
Reds survive KAO Dramas scare in Piraeus
KAO Dramas gave depleted Olympiakos a scare at the Peace and Friendship Stadium on Monday, but the league leaders eventually managed to get their 20th win in 21 games. The Reds won by 10 (72...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Alternate Finance Minister Tsakalotos says Athens ´prepared for rift´
2. Some 70 migrants found on berm on Greek-Turkish border
3. Athens sending reform list on Friday in bid to unlock aid
4. Italian bonds fall with Spain´s as Greek debt proposals awaited
5. Greek reform list to be discussed by Brussels Group on Friday, official says
6. Greece´s German allies dismayed as Tsipras fails to convince
more news
Today
This Week
1. Greek future as trade hub in limbo amid Syriza split on railways
2. New Democracy's political council convenes to decide line opposite gov't
3. Greek gov't denies finance minister Varoufakis to resign [Update]
4. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
5. Clocks go forward one hour on Sunday
6. Berlin says has no exact information about Greek reforms
Today
This Week
1. Next Monday is D-Day for state funds
2. Total victory is unattainable
3. EU asks Greece for more reforms to speed talks on bailout
4. PM faces Merkel amid race to detail reforms
5. Some more equal than others
6. New book by ex-US diplomat delves deeper into the recesses of Greek terrorism
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.