ECONOMY

Carrot to pay income tax all in one go

In an effort to bolster crumbling budget revenues, the Finance Ministry is considering offering a 10-15 percent income tax discount for those who choose to pay their dues in a lump sum this year.

Although the state is desperate for ready cash, the online platform for the submission of income tax statements is not expected to be ready before May 10, according to Alternate Finance Minister Nadia Valavani, with a 10-day extension to the June 30 submission deadline already being considered.

If there are any additional changes introduced to the statement form, then taxpayers are certain to be granted a further extension.

The deadline for the first income tax installment is July 31, according to the law.

The revenue shortfall is estimated to have come to nearly 1 billion euros since the start of the year: The latest data point to a 675-million-euro gap, while in April there was already a hole of 250 million.