ECONOMY

Platform for settling tax debts under new scheme ready to open on Wednesday

platform-for-settling-tax-debts-under-new-scheme-ready-to-open-on-wednesday

Taxpayers with debts to the state will be able to apply for the Finance Ministry’s new favorable settlement plan of 24 to 48 installments via the website of the Independent Authority for Public Revenue as of Wednesday.

For debts on income, property and value-added tax, applications can apply for up to 24 installments without having to meet special economic criteria. For extraordinary debts like inheritance taxes and arrears resulting from an audit, taxpayers can apply for up to 48 installments, though they will have to meet certain criteria.

The new scheme applies to taxpayers with arrears dating to November 1, 2019, but also those who applied for the old settlement scheme of 12-24 installments after that date.

The minimum monthly installment has been set at 30 euros and the first payment will have to be made within three working days of the application, with the remainder on the last working day of each month.

Overdue payments will be slapped with a 15 percent late fee, while taxpayers who fail to keep up with their installments and reapply for the scheme will be penalized. Those who are consistent with their commitments, however, will be rewarded with a 25 percent discount on the interest on their final installment.