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Tax office

Taxation: Change of plan for cryptocurrencies – Who will be taxed and how – 2024-10-03 06:56:32

by Chief editor of world-today-news.com October 3, 2024

written by Chief editor of world-today-news.com

On the table again is the tax treatment of cryptocurrencies by the Ministry of Finance, after the abolition of the committee that was established last spring and had not had time to complete its work.

According to exclusive information of “Sunday’s Step”, in the next few days a committee will be re-established which will be chaired by a political figure, specifically the General Secretary of Tax Policy Mrs. Mary Psillawith the aim of clarifying the landscape regarding the procedure to be followed by the Ministry of National Economy and Finance, in order for these modern but also with many questionable financial products to be accepted by the Tax Office, as so far the money resulting from the transactions ” crypto” are not recognized by the Tax Office.

New decision

For the “hunting” of cryptocurrencies, the committee that was established in February 2024 and consisted of eighteen members was abolished six months later, in August of this year, by a decision of the Minister of National Economy and Finance, Mr. Kostis Hatzidakis.

According to the same information, one of the main reasons that the previous commission was abolished is the fact that its president was a civil servant and not a political executive of the Ministry of Finance.

In the new decision that will be taken in the next few days, it will be foreseen the establishment and formation of a Working Group at the Ministry of National Economy and Finance, to define the framework of taxation and control of cryptocurrencies and digital assets. The number and names of the members that will make it up will be determined during the week, while the new Working Group will meet regularly in the building where the office of the Deputy Minister of National Economy and Finance is housed. Christou Dimas or by teleconference, while the chairperson, members and acting secretary of the Working Group will not be compensated.

One of the main goals of the Ministry of Finance is to tax the capital gains resulting from the sale of cryptocurrencies at a rate that is likely to be 15%.

Huge demand

Since the day the committee was established, then summarily abolished and now set to be resurrected again, the global demand for buying cryptocurrencies has intensified, while the “king” of cryptocurrencies, bitcoin, is still at very high levels. as it stands at around 64,000 euros, around 7,000 euros below the all-time record of 71,638 it had reached in April this year.

The huge demand for cryptocurrencies shows that this new way of investing exists and is constantly growing, and decisions must be made immediately on the control and taxation of cryptocurrencies through the special task force that is to be set up immediately (likely within the week). In addition to tax officials of the Independent Public Revenue Authority, legal, tax advisors of the Hellenic Banking Union and the Bank of Greece, officials of the Authority for the Legalization of Proceeds from Criminal Activities, associates of the Minister and Deputy Minister of Finance, sworn auditors and .t.l.

It is worth emphasizing that every day in the Tax Offices owners of cryptocurrencies appear who had acquired them at very low prices and now liquidate them making huge profits and ask to be taxed on the resulting capital gain so that they can then use this money to buy a property or other assets .

However, the answer they receive from the Tax Office is that these amounts cannot be declared, nor does it recognize them and, by extension, cannot tax them under the capital gains regime, i.e. the difference between the acquisition price paid by the taxpayer and the sale price received.

At the same time, anyone who proceeds to acquire a property with profits derived from buying and selling crypto-currencies and cannot cover the “whereabouts” with declared incomes from earlier years, the Tax Office can impose income tax on him with the highest tax rate of up to 42%. At the same time, fines and surcharges can be imposed on him as the Tax Office will claim that these incomes are the product of tax evasion and have not been legally declared to the Authorities.

On the other hand, when the Greek state comes to recognize cryptocurrencies as investment products, it should at the same time resolve the issue of their owner being able to justify how he acquired them, i.e. with what income. This applies to the purchase of any asset and is therefore most likely to be applied in the case of cryptocurrencies as well.

#Taxation #Change #plan #cryptocurrencies #taxed

October 3, 2024 0 comments

Business

IRS: Scans the accounts of over 1,000 influencers – What is it looking for? – 2024-10-02 05:21:29

by Chief editor of world-today-news.com October 2, 2024

written by Chief editor of world-today-news.com

The Independent Inland Revenue Authority “scans” social media accounts used by “influencers” daily to see if the posts they make are related to commercial activity and, most importantly, if the money they receive shows up in their bank accounts and of course if they are recorded in their annual tax returns.

Especially in the case of the incomes of “influencers”, modern artificial intelligence (AI) technology is an ally of the Tax Office where, through special algorithms, it can identify cases of hidden income and transactions under the table.

As “To Vima” had recently revealed, more than 1,000 are the Greek “influencers” who have been targeted by the Independent Public Revenue Authority through special risk analysis criteria and who are checked to see if they show in their tax books the real incomes that acquire through social media as well as whether the deposits or assets they have acquired are justified by their legal and declared activities. This number being checked is expected to increase in the next period.

#IRS #Scans #accounts #influencers

October 2, 2024 0 comments

Business

Tax Office: The conditions for a 50% “cut” in fines – 2024-09-28 22:19:30

by Chief editor of world-today-news.com September 28, 2024

written by Chief editor of world-today-news.com

Taxpayers who admit to concealing income and other tax violations identified by the tax audit mechanism will have the opportunity to close open accounts with the tax office, earning a 25% to 50% reduction in fines.

With the new permanent out-of-court settlement process which is activated from October 1, 2024, those who find themselves with the Tax Administration away from the courtrooms will be able to achieve significant discounts on the “bells” that the Tax Office will have imposed on them.

Tax and fines

Discounts of 25% – 50% will only be calculated on fines for non-filing or inaccurate reporting.

These fines are imposed at rates of 10%-50% on the taxes resulting from overdue initial returns or on the tax differences resulting from overdue amending returns or on the additional taxes charged by the auditors when they find that taxable material has been concealed due to non-submission of returns or submitting inaccurate statements.

Especially for VAT, fines are calculated at a rate of 50%.

The reductions

With the out-of-court settlement, the Tax Office reduces the fines as follows:

50% if the confession of violations is made after the notification of the control order or invitation to provide information and before the deadline for submitting an overdue initial or amending declaration from the notification of a temporary corrective assessment of the tax.
40% after the notification of a final act of corrective tax assessment and while the deadline for filing an appeal before the Dispute Resolution Directorate (DDR) lasts.
30% after notification of the TEN’s decision or the expiry of the period for the implicit rejection and while the period for filing an appeal before a competent administrative court of first instance lasts.
25% after the initiation of a judicial appeal and until the day before the originally set date for the introduction of the case for discussion before the competent administrative court.

Advance

In any case, after the reduction of the fines, 25% of the total debt must be paid within 3 days of the acceptance of the relevant application which must be submitted electronically through an online platform, the activation of which is expected on October 1, 2024. The rest debt, after the reduction it can be paid off in up to 12 interest-bearing monthly installments.

Alternatively, it can be repaid in up to 48 interest-bearing monthly installments with the fixed arrangement.

Taxpayers who have already received, or will receive, a tax slap and fines for tax offenses by September 30 will be able to get a 50% reduction in charges if they hurry to file amended returns showing hidden income and paying the additional tax.

The transitional arrangement concerns businesses and self-employed persons who will be subject to a tax audit until September 30, 2024 and provided that after notification of the audit order:

Submit overdue initial or amending returns for income tax, VAT and other tax items.
Declare the concealed taxable material which the audit is going to determine or which will have been imputed based on the temporary act of corrective tax determination.
Pay the amounts of additional taxes resulting from these declarations within 30 days from the notification of the temporary act of corrective tax assessment.

SOURCE: ot.gr

#Tax #Office #conditions #cut #fines

September 28, 2024 0 comments

Business

Tax Office: Dentists, taxi drivers and plumbers declared an income of less than 1,000 euros – 2024-09-19 09:41:29

by Chief editor of world-today-news.com September 19, 2024

written by Chief editor of world-today-news.com

Analysis of tax return data again shows that the majority of freelancers report losses or meager incomes. Those who appear by far the poorest for the Tax Office are the owners of bars and hair salons, followed by restaurateurs and those who run car repair shops.

On the contrary, the situation seems to be better for them taxi driversthem dentists and them plumbersbut also them declare an income of less than 1,000 euros per month.

Of course, several freelancers have been affected by the new presumptive taxation method, implemented this year by the Ministry of National Economy and Finance, with the aim of avoiding similar phenomena, as reported by its staff.

The data

Specifically, from the data of the declarations for the tax year 2023, the following emerges:

Only 40% of bar owners reported a profit. Specifically, they declared an average monthly income of 1,154 euros, which corresponds to an average tax of 1,348 euros, if the presumption did not exist. By calculating the imputed income, the average monthly income amounts to 1,155 euros, and the average tax to 2,142 euros (794 euros plus tax).
Only 53% of restaurant owners reported a profit. Specifically, they declared a monthly net income of 1,277 euros, which corresponds to an average tax of 3,068 euros. With the imputed system, the average monthly income amounts to 1,695 euros, and the average tax to 3,970 euros (902 euros plus tax).
Only 40% of salon owners reported a profit. Specifically, they declared a monthly net income of 358 euros (less than the unemployment benefit), which corresponds to an average tax of 654 euros. With the presumptive method of taxation, the average monthly income amounts to 1,118 euros, and the average tax to 1,797 euros (1,143 euros plus tax).
Only 53% of garage owners reported a profit. Specifically, they declared an average monthly income of 665 euros, which corresponds to an average tax of 1,295 euros. With the imputed system, the average monthly income amounts to 1,182 euros, and the average tax to 2,112 euros (817 euros plus tax).
57% of vets reported profits. Specifically, they declared an average monthly income of 885 euros, which corresponds to an average tax of 1,880 euros. With the imputed system, the average monthly income amounts to 1,220 euros, and the average tax to 2,423 euros (1,241 euros plus tax).
70% of plumbers reported profits. Specifically, they declared an average monthly income of 800 euros, which corresponds to an average tax of 1,553 euros. With the imputed system, the average monthly income amounts to 1,162 euros, and the average tax to 2,105 euros (552 euros plus tax).
73% of dentists reported profits. Specifically, they declared an average monthly income of 903 euros, which corresponds to an average tax of 1,719 euros. With the presumptive method of taxation, the average monthly income amounts to 1,278 euros, and the average tax to 2,334 euros (615 euros more).
76% of taxi drivers reported profits. Specifically, they declared an average monthly income of 545 euros, which corresponds to an average tax of 810 euros. With the presumptive method of taxation, the average monthly income amounts to 972 euros, and the average tax to 1,481 euros (671 euros additional tax).

The conclusions

According to sources from the Ministry of National Economy and Finance, the following conclusions emerge from the analysis of the above data:

Freelancers still report their income. In categories such as bar and hair salon owners, the majority of them declare losses. In fact, the hairdressers who declare profits (4 out of 10) actually declare that they live on 358 euros per month (less than the unemployment benefit).
If the presumption did not apply, these occupational categories would continue to pay little or no tax.
The additional tax burden for those who declared profits in previous years and continue to declare this year is mild. We also have to take into account that this year they paid a 50% reduced application fee, which is completely abolished from next year.
The above figures show that the access of the above companies to bank loans and European financing programs becomes difficult to impossible, as they choose not to present their real financial data, showing small profits or losses.

Source: RES-MPE

#Tax #Office #Dentists #taxi #drivers #plumbers #declared #income #euros

September 19, 2024 0 comments

Business

AADE: An unpaid call will deprive you of tax awareness – What is changing – 2024-09-01 17:47:03

by Chief editor of world-today-news.com September 1, 2024

written by Chief editor of world-today-news.com

Citizens should hurry to settle the open “accounts” they have with the municipalities. From September 1st even an unpaid summons from the Municipal Police for illegal parking will automatically block the issuance of the tax notice.

On Sunday, AADE’s new interoperability service for issuing tax information is activated.

Tax awareness

This means that the tax administration will be informed immediately and digitally if citizens who request tax information have debts to the municipalities and in particular have not paid municipal fees or Municipal Police calls. As long as the municipalities reply to the AADE that there are debts, the issuance of tax information will be automatically blocked.

On the contrary, those who do not have debts or have settled their debts to the municipalities and regions, the tax information will be issued with express procedures. According to AADE, the new functionality facilitates citizens and businesses in their transactions, as it allows the easy and quick release of their tax information.

Single certificate

At the end of September comes the new single certificate of financial awareness for citizens and businesses that have no debt to the tax authorities and insurance funds. The new electronic document that will replace today’s proof of tax and insurance awareness will be issued with a few clicks through a new electronic platform. It will include both tax and insurance information, will be valid for every intended use and will be mandatorily accepted by private and public sector entities, where required by law.

Citizens will submit their application on the new digital platform. After submitting the application, the submitted data will be automatically checked and then, if all the criteria and conditions are met, the financial awareness certificate will be issued, under the same conditions that govern the issuance of the tax and insurance awareness. The issuance of the financial information will “stumble” in the case of unregulated or overdue debts either to the tax office or to the insurance funds, if the relevant conditions are not met for one of the two parties.

What applies to the issuance of tax information

According to the current provisions:

The taxpayer may request proof of awareness valid for up to 2 months for carrying out transactions and transactions.
The Tax Administration grants proof of awareness only if the taxpayer has no debts to the Tax Administration for any reason and has submitted the required tax returns for the last 5 years.
The Tax Administration may not grant a proof of awareness, if the taxpayer has overdue debts to another public sector authority (commitment to grant a proof of awareness), as long as this authority uses interoperability services to inform the Tax Administration of the existence of overdue debts that entail the obligation of awareness, as well as for the settlement of debts, which entail the lifting of the obligation of awareness.
If the taxpayer has joined a debt settlement program or has outstanding or suspended debts, a certificate of limited validity may be issued, which cannot exceed 1 month. The Tax Administration, even after the debtor’s compliance with a regulation program, obligatorily sets a withholding condition in cases where the proof of awareness is issued for the collection of money or the transfer of real estate or the creation of a real right over it due to compelling reasons. Especially for the transfer of a property or the establishment of a real right on it due to compelling reason, the proof of awareness is issued with a withholding amount of 70% of the price, as long as the price does not fall short of the objective value and up to the amount of overdue regulated debts to the Tax Administration. If there are overdue suspended debts of more than 50,000 euros, a withholding rate of 50% is set on the price, as long as this does not fall short of the objective value and up to the amount of the total suspended debts. If the price falls short of the objective value and the amount of the withholding, calculated on the price, is less than the debts, a certificate of awareness is issued with the calculation of the amount of the withholding on the objective value of the property and on the condition that the amount of the withholding resulting from this calculation does not exceed the price.

Source OT

#AADE #unpaid #call #deprive #tax #awareness #changing

September 1, 2024 0 comments

Business

Santorini: “Resalto” AADE on cruise ships – Tax evasion… on board – 2024-08-29 02:59:50

by Chief editor of world-today-news.com August 29, 2024

written by Chief editor of world-today-news.com

With an organized operation, carried out simultaneously in three ports of Santorini, the auditors of the Independent Public Revenue Authority detected and established tax evasion on the spot by boats that carry out hundreds of daily cruises every day, transporting thousands of tourists to the caldera.

Use of information

The auditors used information and evidence, which indicated that some cruise ships:

– hide income in various ways, such as inaccurate issuance of tax information, circumvention of the full charter, and therefore do not pay the Greek State a significant amount of VAT

– when they are informed in any way that a tax audit is being carried out at the Port of Vlychada, they avoid mooring and disembarking passengers at that port, changing the course of their vessels and resorting to nearby piers, more secret and less known, in order not to suffer the tax audit.

The business

On Thursday, August 22, 2024, after sundown, the inspectors swooped in, stationed at each pier in the harbor, surprising the first incoming tour boats, which were then returning full of tourists from day cruises.

Multiple on-site tax audits were carried out and violations were found, resulting in the imposition of VAT fines and special monetary penalties.

The following afternoon, August 23, 2024, half of the controllers returned to Vlyhada, continuing the audit. Some boats, as they entered in order to disembark passengers, were informed that AADE units were conducting checks again in the same port, and changed course, approaching nearby ports and piers in order to avoid tax control.

There, however, the other half of the auditors were waiting for them, surprising them, and checking them, finding tax violations there as well and proceeding to charge VAT fines and special monetary penalties.

The findings

In total, 14 vessels were checked and violations were found in 8.

For just two days, it was found that they had concealed a turnover of 10,100 euros, plus VAT of 2,420 euros.

In addition to the fines, amounting to 20,000 euros for these two days alone, the specific businesses are scrutinized in order to establish the total amount of tax evasion.

#Santorini #Resalto #AADE #cruise #ships #Tax #evasion.. #board

August 29, 2024 0 comments

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