Income tax payable in up to 24 tranches

Income tax payable in up to 24 tranches

More than 2.5 million taxpayers will have to pay their first income tax tranche by late July, and the Finance Ministry is concerned by the drop in tax revenues and is offering taxpayers the options of paying their dues in 12 or 24 monthly installments.

Applications for payment schemes are submitted online or, in exceptional cases, at tax offices. Delaying a payment will entail a 15 percent hike in the installment and in some cases may lead to the taxpayer’s ousting from the scheme.

The mountain of households’ and corporations’ unpaid taxes is estimated to be growing by a billion euros a month.

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