They maintain their papers closed on the Ministry of Finance relating to the potential of giving even a number of days’ extension for the tax declarations in order that the accountants have time to submit roughly 1,530,000 declarations inside eight days. Based on the official figures of the Unbiased Public Income Authority, 5,070,854 tax returns had been submitted by Wednesday, July 17, whereas 112,000 returns have been submitted in simply sooner or later.

Nonetheless, these figures present that it’s inconceivable for the accountants to submit all of the remaining returns, since to attain this they must submit a median of 191,000 tax returns daily till July 26.

In reality, as they level out, that is unlikely to occur as it’s the weekend and in addition as a result of excessive temperatures, lots of their purchasers are unable to return to their places of work to proceed with the ultimate submission of their declaration.

Extension to tax returns

The Minister of Nationwide Economic system and Finance Mr. Kostis Hatzidakis, throughout a dialogue within the context of the seventh InvestGR Discussion board 2024: Charting the Future, was requested by the Financial Put up about the potential of an extension within the submission of tax returns and he referred to the process and the variety of those that have submitted to this point, primarily stating that he’s glad with the info to this point, even stressing that if this price of submission continues, the accountants will be capable of cope till the scheduled deadline for all of the statements.

Nonetheless, for now, he doesn’t depart any room for an extension, though it’s already heard within the corridors of Karageorgis Serbia that it’s most probably that a number of days shall be given a minimum of till the tip of the month in order that hundreds of taxpayers don’t face fines for late submission.

The fines

In reality, as accountants report back to the Monetary Put up, particularly professionals and companies favor to submit the VAT return on time relatively than the revenue tax, and it’s because the VAT effective is far greater than the 100 euros to 500 euros of the late revenue tax return.

Notably:

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

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

The information to this point

Nonetheless, from the info to this point, it has emerged that out of a complete of 6,550,000 tax returns, 5,070,854 returns have been submitted. Of those, 2,389,895 returns (47.1% of the full) have zero settlement, so taxpayers will neither pay an quantity nor accumulate. However, nevertheless, 1,636,364 (33.2% of the full) tax returns have been cleared and the result’s a debt, which implies that they are going to be requested to pay a median tax of 1,519 euros, fairly greater in comparison with the corresponding returns final yr.

The tax refund

2 out of 10 taxpayers shall be fortunate as they’ve obtained a credit score report and due to this fact may have a tax refund which to this point is on common 314 euros and issues 1,044,595 tax returns.

Lastly, it’s price noting that to this point the full further tax ensuing for 1,636,364 tax declarations with a settlement observe quantities to 2.48 billion euros and for 1,044,595 declarations with a credit score settlement the full refunded quantity is 327.5 million euros .

Tax returns: The “x-ray” of 2024 – anxious for an extension

– 5,070,854 statements have been submitted

– In sooner or later: 112,000 statements have been submitted

– In 8 days: 1,530,000 declarations to be submitted (common 191,000 declarations)

– Final day of submission: July 26

– Chance of extension: Small (few days)

– 5 out of 10 statements: Zero settlement

– 3 out of 10 declarations: Fee of a median tax of €1,519

– 2 out of 10 declarations: Common tax refund of €314

Supply: ot.gr