TAXATION

Incentive to pay tax in one go

incentive-to-pay-tax-in-one-go

The Finance Ministry is considering a significant increase in the discount offered to taxpayers who choose to pay their income tax dues in a lump sum, with the entire declaration process starting particularly late this year.

Kathimerini understands that the ministry is eager to boost its takings this summer, so it is about to offer a higher discount than the 2% offered last year to taxpayers who paid all their dues in one go. The discount rate will be between 3% and 4%.

The Taxisnet platform is expected to open in mid-May for the submission of declarations for 2020 incomes, but the first tranche will still be due by end-July. However, just like last year, it is highly likely that there will not be a penalty if a taxpayer starts the payment in August, as long as they pay both the July and August installments together.

In total there will again be a maximum of eight monthly installments, with the last being due by end-February 2022. There will also be the standard settlement plans of 12 and 24 monthly tranches.

More changes are expected to the regulations regarding the corporate income tax discount and online payment rules.