ECONOMY

More measures to ease burden on taxpayers

more-measures-to-ease-burden-on-taxpayers

Prime Minister Kyriakos Mitsotakis announced on Friday four new government initiatives meant to prop up hard-hit households and businesses, including an increase in the number of installments for income and property taxes and a small discount for the payment of annual tax dues in a lump sum ahead of the deadline for the first tranche.

Speaking to lawmakers in Parliament at Prime Minister’s Question Time, Mitsotakis said that taxpayers will be able to settle their income taxes in eight monthly installments as opposed to the current three every two months, while businesses will also be granted eight monthly tranches instead of six. Property owners, meanwhile, will have six months instead of five to pay their single property tax (ENFIA) dues.

The “Syn-Ergasia” subsidy program that covers 60% of social security costs for businesses that have suffered during the health crisis has also been expanded by an additional 190 million euros to help more employees keep their jobs, the prime minister said, adding that it will be extended further if necessary.

Households and businesses with tax and social security debts that were suspended in March until September as part of measures to offset the economic impact of the coronavirus lockdown, have also been given an additional boost and, from 2021, will be able to pay their arrears in 12 installments without interest or 24 with.

Taxpayers who have been consistent in their dues, meanwhile, are being given the option of paying off this year’s income tax and ENFIA commitments in one go, with a reduction of 2%. The aim of that measure, Mitsotakis said, is both to give taxpayers the option of paying less tax and to see revenues flow into public coffers earlier than usual.

The deadline for the payment of the first tranche of income tax is July 31, so the 2% discount will apply to any taxpayers who pay their total annual dues before then. Submission of income tax declarations is continuing on Taxisnet, with the June 30 deadline likely to be extended due to the very low flow of incoming statements from taxpayers. Skai Radio reported on Friday that the deadline is set to be extended to July 25.