BUSINESS

Overdue rebates on the way

PROKOPIS HATZINIKOLAOU

TAGS: Finance

The tax administration plans to pay the entirety of 500 million euros due to taxpayers in overdue rebates, which form a part of overall outstanding state dues of more than €2.3 billion.

Following pledges by the Finance Ministry for rapid progress in the settlement of pending dues, the Independent Authority for Public Revenue is starting repayments, giving priority to those that have been pending for more than 180 days. This means that thousands of corporations stand to see their bank balance improve at what is a particularly difficult period, as the payment procedures will be fast.

According to a circular sent by IAPR Director Giorgos Pitsilis to tax offices around the country, the tax mechanism will have to categorize rebate applications based on two criteria: The age of each demand and the amount due. The priority list will be updated twice a month.

Ministry data show that although they shrank by €128 million in May, outstanding tax rebates remained high at €498 million, against €626 in end-April. About €333 million have been due for over 90 days.

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