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  • Taxpayers will have to use credit and debit cards for tax exemptions

    The Ministry of Finance is currently working on a list of expenses that will allow a tax…

    The Ministry of Finance is currently working on a list of expenses that will allow a tax exemption worth 1,900 to 2,100 euros, as of January 2017, as published in the Ethnos newspaper. The tax-free threshold will necessitate the use of credit and debt cards and will cover purchases from super markets, fuel stations, electrical goods, furniture, hotels, restaurants and bars, as well as the services of accountants, electricians and plumbers, among others.

    On the contrary expenses such as utilities, telecommunications, loan payments, rent and even tolls fees will not count towards these expenses, in order to “build up” the tax-free threshold. Depending on their income, taxpayers will have to make a set amount of purchases via cards or e-banking in order to qualify for a tax exemption. Should the tax-payer fail to do so, he will be faced with a 22% tax on the difference between the total amount of receipts collected and required.

    In order to qualify for the tax exemption, tax payers with an annual income of up to 10,000 euros will have to submit receipts for 10% of their income. For incomes between 10,000 and 30,000 taxpayers the rate increases to 15%, while for all income above 30,000 euros, the rate is 20%, with the receipt limit being 30,000 euros.

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