Friday October 31, 2014 Search
Weather | Athens
18o C
13o 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)  
Power rates soared 60 pct in six years
NBG chairman sees risks to recovery
Greek consumers shift toward money saving
IMF could offer know-how in backup plan for Greece
A year after GD members shot dead, police have no leads
A year after two members of neofascist Golden Dawn were shot dead outside the party’s offices in Neo Iraklio, north of Athens, police sources admitted that they have no leads to the killers....
No new Manolada trial, court rules
The Supreme Court has decided that four men who stood trial earlier this year for shooting 28 migrant workers at a strawberry farm in Nea Manolada in the Peloponnese should not be retried. S...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Obradovic watches Greens thrash his Fenerbahce
2. Berg returns to add spice to Panathinaikos´s Cup win
3. Power rates soared 60 pct in six years
4. NBG chairman sees risks to recovery
5. Greek consumers shift toward money saving
6. IMF could offer know-how in backup plan for Greece
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. European stocks tumble as banks decline after Enria’s comments
5. Civil servants to be investigated for transferring money abroad
6. Over 1,500 buildings and vehicles damaged in flash floods
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.