Double tranche for laggards next month

Double tranche for laggards next month

The deadline for the submission of income declarations may be extended into August, but taxpayers who put it off until next month will likely have to pay a double tranche towards their bill in end-August.

Finance Minister Christos Staikouras on Tuesday conceded that it is possible the deadline will be extended beyond the revised date of July 29, explaining that although the extension was granted from an original deadline of June 30 “we have a special situation, special circumstances.” He also noted that the final decision will be made over the course of the week.

Staikouras also said that while the monthly installments for the payment of tax bills will still be eight, it is possible that some taxpayers will have to pay a double installment next month, which would include the tranche they should have paid by end-July were they to submit their declaration on time.

According to the figures presented by the minister on Tuesday, there are some 2 million declarations that still need to be uploaded on Taxisnet for the procedure to be completed for this year, which is 500,000 more than those pending at the same time last year.

Both taxpayers required to pay their first tranche by end-July and and those paying double tranche next month will have to pay the rest of their dues in monthly installments, with the last one scheduled by February 26, 2021.

Independent Authority for Tax Revenue figures showed on Tuesday that 4,664,754 tax declarations have been submitted and 33.89% of taxpayers have to pay additional tax averaging 800 euros.

Staikouras added on Tuesday that the changes to the corporate tax deposit will become evident in early August. This means that corporations will have paid their first installment and then have their tax dues reassessed by the tax administration, adjusting requirements to the data from the first half of this year. It is reminded that any companies with a reduction to their gross revenues by at least 35% in the January-June period will not have to pay any tax deposit this year.

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