Tax installments to be increased

Tax installments to be increased

The Finance Ministry plans to increase the number of monthly installments for the payment of income tax and the ENFIA property levy.

Speaking to ANT1 TV, Deputy Finance Minister Katerina Papanatsiou said the government wants “some of the taxes to be paid in more installments” in 2019.

She added that efforts are also under way to ensure that tax declarations are submitted earlier in 2019 than in previous years.

Authorities are reportedly aiming to open the ministry’s online Taxisnet platform at the end of March.

Presently, income tax can be paid in three bimonthly installments while ENFIA can be paid off in five monthly installments.

According to the Finance Ministry’s plan, those that submit their income declarations by April 30 will be able to pay their taxes in five or six bimonthly installments.

If taxpayers submit their declarations at the end of June, they will have to pay the amount in full or in three bimonthly installments – as is the case today.

This way, officials say, overwhelmed taxpayers will be facilitated as they will able to break the tax due into smaller amounts.

Papanatsiou also said that citizens will be given more incentives in 2019 to use debit and/or credit cards instead of cash.

In particular, from mid-2019, taxpayers wanting additional tax-free income will have to collect more receipts using plastic money or e-banking.

The tax-free amount will depend on their spending using debit and/or credit cards as a percentage of all their expenditure.

The relevant provision is reportedly expected to be submitted to Parliament in early January and will stipulate an increase in receipts from plastic money payments by 25 to 50 percent depending on each taxpayer’s income.

Finance Ministry officials say that last year, 80 percent of taxpayers submitted more receipts than they were obliged to in order to qualify for additional tax-free income.

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