ECONOMY

Corporate tax system set for overhaul

Relations between corporations and the state will be on a new basis soon as the corporate tax system is to undergo a major overhaul from January 1st, with the abolition of the Code for Books and Records and the introduction of a point system for enterprises that violate the law.

The new system will include incentives for tax offenders to abide by the law: Those who revert to legality after a violation is confirmed and adhere to regulations for three years will get a 30 percent return of the fine imposed on them.

The good news for companies is that auditors will no longer be able to reject their books.

Notably, the government is considering the return of an older regulation providing for a fine on consumers who do not ask for receipts. This fine is likely to amount to 100 euros.

The new regulations are likely to come to Parliament within December or in January at the latest.

Meanwhile, the debate on the 2012 budget is continuing in Parliament in front of empty seats, in their majority, as the political interest is considerably reduced due to the participation of three parties in the coalition government.

The budget bill is set to be put to voting at midnight on Tuesday.