Tax services awaiting 600,000 tax returns
About 600,000 tax returns are still expected by the tax services, meaning that many are going to be submitted at the very last moment. While the deadline is technically on Friday the 30th of August, taxpayers will have until 8am on Monday the 2nd of September before late fines are imposed.
After the final deadline, taxpayers will not have receipts from the past tax year recognized, missing out on a 5,000-euro tax-free threshold. That means that income will be taxed from the first euro and an extra 2.5% tax of the total income to make up for the receipts.
Late submission will result in no discounts will be recognized on expenses such as rent for a primary residence, tuition fees, interest on loans for a primary residence, life insurance, medical and healthcare expenses and donations.
On top of that, taxpayers will incur a 1% fine for every month they delay the submission of the tax returns. The general practice is for the minimum charge of 117 euros to be imposed, which after a settlement with tax services can be reduced to 39 euros.
Tax services increase crosschecks
The General Secretary of Public Revenue Haris Theoharis has announced that the tax services will increase their crosschecks with other services in an effort to reduce tax fraud and evasion. The tax services will be paying extra care to the details of taxpayers who appear to qualify for tax refunds, thousands of whom have since amended their returns.