TAXATION

Income tax statements from April 1

income-tax-statements-from-april-1

The plan of the Independent Authority for Public Revenue is to open the platform for the submission of 2020 income tax declarations on April 1, although the date has not been officially confirmed yet.

In what is expected to be a process comprising very unpredictable declarations, given the effects of the pandemic, it is almost certain that the deadline for the statements will not be the end of June as the general law dictates.

The declarations that will be uploaded this spring are expected to expose the impact of the coronavirus on the incomes of 6.5 million households. The statistical data that will emerge will also lead to legislative action, as the content of the declarations will indicate to the Finance Ministry whether it must resort to targeted interventions regarding the arbitrary calculation of taxpayers’ income based on their assets (“tekmiria”) and whether there will be no fines imposed on taxpayers who will have failed to show at least 30% of their 2020 incomes spent online.

The data will also show to what extent the budget can expect anticipated revenues, in a year when state expenditure has already grown beyond proportion.