FINANCE

Strategy for €10 bln more from taxes

strategy-for-e10-bln-more-from-taxes

The government aspires to see annual tax revenues grow from the level of 42-43 billion euros in 2020 to €52-53 billion by 2024, while reducing the rates of direct and indirect taxes.

The main idea is the following: After the pandemic, the state will be able to offer its support to taxpayers, and mainly the middle incomes that have so far taken the heaviest load, with cuts to the taxation of companies and the self-employed, the suspension of the solidarity levy for one more year, the extension of the social security rate reduction and even the slashing of value-added tax rates by 2024.

For this strategy to pay off, taxpayers must be persuaded to declare their true incomes, containing tax evasion. That will lead to an increase in taxable material and the proportionate growth in state revenues.

Therefore besides offering its cooperation, the government will implement an integrated system of online tax inspections to render virtually impossible the concealing of taxable material. Tax rate cuts will be associated with the mandatory issue of online invoices, the connection of tills with Taxisnet and the supply of incentives to consumers for collecting paper receipts too.