ECONOMY

The asset trap for the solidarity levy suspension

the-asset-trap-for-the-solidarity-levy-suspension

The system of "tekmiria" – i.e. the use of taxpayers’ assets by the tax administration for the establishment of their actual income level – may well turn into a trap for thousands of taxpayers who could miss out on the suspension of the solidarity levy planned from January 2021.

According to a circular by the Independent Authority for Public Revenue, in order for taxpayers to enjoy the suspension, they should not have a difference between their declared income and their estimated earnings based on "tekmiria" in 2019 and 2020, or have this difference settled even through a delayed amendment of their income declarations.