The Ministry of Finances was intending on submitting a draft bill in Parliament on Thursday the 20th of February, however the recent developments regarding the troika have forced a change of plans.
The new bill includes a huge reduction of tax fines, up to 70% in some cases, such as late submission of tax returns. The Ministry has also decided to reduce the fines for not issuing receipts and keeping double-entry books.
Other provisions included in the bill relate to the surplus value tax in real estate, with taxpayers being exempt for property that has not been transferred in 25 years. The tax on other property is also restricted by taking the rate of inflation into consideration. The value of acquisition will be calculated by taking into account the rate of inflation and years.
Furthermore, the bill includes changes to the submission of VAT, which will now be done online. Taxpayers will still be able to pay their VAT in two installments. The bill will also raise the threshold of protection against confiscation of wages and pensions for debts towards the State from 1,000 to 1,500 euros.
