Declared income is set to soar

Declared income is set to soar

The incomes Greeks declared to the tax office last year were lower than the corresponding ones in 2008. For 2024, however, the government is anticipating a historic high in the “raw material” for the imposition of income tax.

The projected large increase is not only based on the additional income that will be captured by the increases in the minimum salary and pension income made in 2023, but also on the activation of the new self-employed taxation mechanism, which will add taxable material of at least 5-5.5 billion euros to the self-employed and freelancers. This alone increases the chances that this year’s tax returns will record declared income (or taxable income including the presumptive revenue) of more than €100 billion, which will be the first time since 2009.

The increase in income from salaries and pensions during last year was expected to be reflected in tax returns once the nominal increases were given. About €70.16 billion was distributed, an amount increased by at least €4 billion compared to the declarations of 2022 (€65.9 billion). A key statistical finding is that an increase also began to be recorded in the other income categories, too.

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