BUSINESS

PM announces four new tax relief measures

TAGS: Economy

Prime Minister Kyriakos Mitsotakis on Friday announced four new initiatives meant to prop up hard-hit households and businesses, including an increase in the payment installments for income and property taxes.

Speaking to lawmakers in Parliament, Mitsotakis said that taxpayers will be able to settle their income taxes in eight monthly installments as opposed to the current three and businesses will also be granted eight installments instead of six. Property owners, meanwhile, will have six months instead of five to pay their ENFIA property tax.

A subsidy program for covering 60% of social security costs for businesses that have been harmed by the health crisis has also been expanded by an additional 190 million euros to help more employees keep their jobs, the prime minister said, adding that it will be extended further if necessary.

Households and businesses with tax and social security debts that were suspended from March through September as part of measures to offset the economic impact of the coronavirus lockdown, have also been given an additional boost and will be able to pay their arrears starting in 2021, in 12 installments without interest or 24 with.

Taxpayers who have been consistent in their dues, meanwhile, are being given the option of paying off this year’s commitments in one chunk, with a reduction of 2%.

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