ECONOMY

Extension for income tax declarations

extension-for-income-tax-declarations

Taxpayers and enterprises will be able to submit their income declarations up to Friday, September 4, without incurring a fine of 100 euros, although they would still incur interest of 0.73 percent on any tax they may have to pay.

With the previous deadline passing late last week, about 5.8 million income declarations had been submitted by Monday, meaning some 100,000 were remaining for the process to be completed.

Out of the 5.72 million tax declarations submitted and processed up until Monday, just under 2.39 million taxpayers and enterprises, or 41.75 percent, will have to pay extra tax on top of what has already been withheld from their earnings and pensions.

Another 39.62 percent of taxpayers, or 2.26 million, will not have to pay anymore tax, while just under 1.07 million taxpayers (or 18.63 percent) will also be entitled to a tax rebate, the total of which adds up to 322 million euros. Although the first installment for income tax payment was clearly set for late August, it remains unknown when the rebates will be paid out by the state.

Once all declarations are processed, the state expects to put some 2.74 billion euros into its coffers by end-November.