The Ministry of Finances’ General Secretariat for Information Systems (GGPS) will launch its platform for this year’s tax returns by the end of the week. About 5.5 million taxpayers are expected to electronically submit their tax returns by the 30th of June, without discounting the possibility of an extension.
There are no major changes to rates used to determine the tax on income for 2012. The tax-free threshold of 5,000 euros still applies for employees, pensioners and self-employed. The threshold is increased to 9,000 for taxpayers under the age of 30, pensioners over the age of 65 and the disabled with an annual income up to 9,000 euros. For the first two children of a family the threshold is increased by 2,000 euros and for every subsequent child the increase is 3,000 euros.
