Deadline

Tax declarations proceed to be a “headache” for accountants-tax technicians and market operators. On the similar time, the Ministry of Finance is holding its fingers crossed relating to the opportunity of giving even a few-day extension for tax declarations.

Accountants argue that the numerous errors and delays even in pre-filled returns have overwhelmed the already restricted time frames.

As well as, technical issues and a delay in information enrichment within the system, compelled the substantial risk of submitting some declarations after Could 15.

Within the meantime, the system is constantly enriched with information, which creates the necessity to submit amending statements. As they emphasize, e-mails are despatched to taxpayers at frequent intervals, which on the one hand confirms the inadequate enrichment of the system, however creates confusion for taxpayers and accounting places of work.

The request to increase the submission of tax returns didn’t merely come up from the whims of the our bodies & organizations that request it, however as a result of the Authorities insists on a non-territorial compliance schedule, particularly because the related procedures current gaps, ambiguities and deficiencies, emphasizes GSEVEE in her new letter to the Minister of Finance.

The tax returns

About 1.2 million taxpayers haven’t submitted their tax returns by the deadline on Friday 26 July.

Up to now, 5,309,978 tax returns have been submitted by 6,550,000 taxpayers, which signifies that roughly 1,240,000 taxpayers haven’t settled their obligations.

Towards this background, it needs to be famous that those that don’t submit declarations by the deadline for submitting this yr’s tax declarations shall be requested to pay fines for late declarations of as much as 500 euros.

Notably:

– A positive of 100 euros is imposed on overdue preliminary declarations of pure individuals, no matter the results of the liquidation, i.e. whether or not it’s zero, credit score or debit. When the preliminary overdue declaration is debited, a penalty of 0.73% is imposed for every month of delay from the due date of tax cost.

– A positive of 100 euros is imposed on overdue preliminary statements of people and authorized entities that preserve aplographic books, that are credit score or zero, whereas a positive of 250 euros is imposed on debit preliminary statements.

– A positive of 100 euros is imposed on overdue preliminary statements of people and authorized entities that preserve duplicate books, that are credit score or zero, whereas a positive of 500 euros is imposed on debit preliminary statements.

The deadline for submitting tax returns expires in 5 days, however accountants and tax specialists insist that technical issues stop them from assembly the deadline.

Extension till the tip of September

Not solely tax specialists and accountants are pushing for an extension, but additionally market representatives, based on ERT. Actually, they’re asking for an extension for the primary time till the tip of September.

What’s pending?

To this point the tax returns should not going badly. The pure individuals are additionally barely above the corresponding final yr’s date, nevertheless there are nonetheless a number of pending declarations, primarily of companies.

So far as pure individuals are involved, nearly 5.5 million statements have been submitted, over 82%, nearly 83% and 1.2 million statements are pending, simply over 17%.

E3 and freelancers

For E3 and freelancers: simply over 1 million returns have been submitted. That’s, 67%, two out of three freelancers, and 33%, roughly 500,000 statements, are pending.

Authorized entities are the issue

Within the authorized entities the place the issue exists and that’s the reason the accountants are primarily asking for an extension. 183,000 returns have been submitted, or 60%, that means 4 out of ten companies have but to submit a return, with 124,000 returns pending to meet up with final yr’s determine.

If the tax fee is made in a single lump sum by July 31, there’s additionally a 3% low cost, in any other case no low cost.

In fact, somebody can select 8 month-to-month installments. However the first installment should be by July 31.

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Supply: ertnews.gr

Accountants and tax specialists are on the verge of a nervous breakdown. The deadline for submitting tax returns usually expires in eight days, and roughly 1.5 million returns for pure individuals and over 120,000 returns for authorized entities haven’t been submitted. Requests to increase the deadline are raining down on the Ministry of Finance and AADE, with accountants citing errors and omissions within the declaration system and the shortcoming to meet their skilled obligations.

For its half, the Ministry of Finance talks in regards to the excessive charge of submission of tax returns in latest days (together with on Tuesday and Wednesday over 100,000 returns had been submitted per day) and estimates that the method could be accomplished by July 26 2024 which expires in response to the schedule.

Fines
On the middle of the accountants-treasury dispute are lots of of 1000’s of taxpayers who danger going through fines of between 100 and 500 euros and elevated tax if their returns are submitted after the July 26 deadline. Those that submit an preliminary or amending tax return after the deadline won’t pay a superb if the tax doesn’t exceed 100 euros.

Nonetheless, taxpayers with debt settlements will likely be charged curiosity of 0.73% for every month of delay from the due date of tax fee.

Overdue Amending Assertion
For taxpayers who will submit late amending earnings tax returns with a debit assertion, the next applies:

1. If from the preliminary on-time declaration the clearing assertion was zero or credit score and from the amending declaration there may be an extra tax fee of as much as 100 euros then no penalty for late submission will likely be imposed.

2. If a zero or creditable quantity of tax resulted from the unique well timed declaration and an extra tax of greater than 100 euros was incurred from the late modification, then a superb is imposed:

100 euros if the taxpayer just isn’t self-employed or an entrepreneur.
250 euros if the taxpayer is self-employed or an entrepreneur and retains easy books
500 euros if the taxpayer is an entrepreneur or self-employed individual and retains double-entry books.
3. If the overdue amending declaration ends in a tax enhance of greater than 100 euros, then a superb is imposed:

100 euros if the taxpayer just isn’t self-employed or an entrepreneur.
250 euros if the taxpayer is self-employed or an entrepreneur and retains easy books
500 euros if the taxpayer is an entrepreneur or self-employed individual and retains double-entry books.

Supply: ot.gr