E-transaction requirement may go down

E-transaction requirement may go down

The annual minimum amount in online transactions required of taxpayers may be reduced to below the existing 30% threshold, given the market conditions. This is a decision the government will make in 2021, before the submission of income tax declarations.

According to law, any taxpayers who fail to register online payments (excluding utility bills and insurance payments) amounting to 30% of their declared income will pay 22% of the shortfall in the form of a fine.

The measure concerns salary workers, pensioners, landlords with rental revenues, freelance professionals and farmers.

Government spokesman Stelios Petsas told Skai Radio on Wednesday that although the government is not yet ready to change the 30% threshold, “this is a matter that concerns the Finance Ministry for two reasons: The first is that in the case of a pandemic, with people restricted at home, consumption has fallen dramatically in the last few months; the second is that while online transactions did grow this year, they have not reached the level we wanted and this is because neither consumers nor enterprises were ready for that,” said Petsas.

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