![Greece’s Tax Income Hits Record, Will Exceed 4 Billion Euros](https://www.ot.gr/wp-content/uploads/2024/07/forologikes-2.jpg)
As the deadline for individual tax returns approaches on Friday, August 2, preliminary analyses of the submitted returns reveal that Greece’s total assessed tax income for this year is expected to surpass 4 billion euros, marking an increase from the 3.8 billion euros recorded in 2023.
Although around 300,000 tax returns have yet to be filed, the average tax liability has already reached 1,856 euros, up from last year’s final average of 1,585 euros—a 17% increase. This surge is attributed to both the higher incomes declared by taxpayers and the imputed taxation system applied to freelancers and self-employed professionals.
Specifically, from the processing of 6,197,775 tax returns submitted by yesterday, it was found that 34.34% of taxpayers have a tax liability, with the total additional tax amounting to 3.952 billion euros, averaging 1,856 euros per taxpayer.
For 19.6% of the total tax returns, the result is a refund, with the total refund amounting to 425.253 million euros or 350 euros on average. For 46.06% of tax returns, the result of the processing is zero.
Wednesday, July 31, is the deadline for the payment of the fourth installment of property tax (ENFIA), as well as the lump-sum payment of income tax for taxpayers who wish to receive a 3% discount.
First Installment
The payment of the first of the eight installments of income tax must be made by Friday, August 2, for individuals and by August 9 for legal entities.
More Installments
Besides the eight installments provided by law for the settlement of income tax, taxpayers have two additional options:
1. Payment of the tax in 12 interest-free installments with a credit card. Those who make the payment by July 31, will secure a 3% discount.
2. Inclusion of the debt in the permanent settlement plan of the tax office. The tax can be divided into up to 24 installments, although these are subject to interest. The interest rate for the permanent settlement of tax debts in up to 12 monthly installments is 4.34%, while those opting for 13 to 24 installments will face an interest rate of 5.84%.
Penalties
Taxpayers who submit their tax returns late, whether initial or amended, and where the resulting tax exceeds 100 euros, will be subject to fines of 100 euros if they do not engage in business activities, 250 euros if they engage in business activities and keep single-entry books, and 500 euros if they engage in business activities with double-entry books.
In addition to the fines, when the initial late tax return results in a tax liability, a penalty of 0.73% is imposed for each month of delay from the due date of the tax payment.
Source: tovima.com
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