ECONOMY

Spouses have till end-Feb to apply for separate tax

spouses-have-till-end-feb-to-apply-for-separate-tax

Couples wanting to files separate income tax declarations will have to submit an application to the tax authorities within the next 58 days requesting that they be handled individually, as the deadline for the expression of such an interest regarding the incomes of the 2018 financial year expires at the end of February.

This measure allows tax to be calculated separately for each spouse, while any children declared as dependents will be factored in with the parent who declares the highest income during the year in question.

If the two parents have the same level of income, the dependent will go onto the father’s declaration.

However, experts warns that couples which decide to submit separate declarations run the risk of being found to have more assets than their personal income would justify, incurring an additional tax burden, known in Greek as the “tekmiria” rule.