Social security contribution difference payable in five tranches

Social security contribution difference payable in five tranches

The self-employed professionals, freelancers and farmers who paid less in social security last year than what their 2016 incomes dictated will be allowed to pay the difference in five installments.

The additional contributions required after the clearing of the 2017 financial year will be payable from May, when contributions for April 2018 will also come due, according to a circular by Deputy Minister for Social Security Tasos Petropoulos.

On Thursday the same professional categories will also find out the increased contributions due by end-February, concerning the first month of the year. Those 1.4 million workers must pay more than in 2017 as their contributions will be calculated based on 85 percent of their income and contributions of 2016. Once the 2017 tax year is fully processed, their contributions will thereafter be based on last year’s data.

The circular said that professionals can pay smaller contributions than what they are required in the first half of the year without incurring interest for the difference.

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