Tax returns: After the extension, attention to payment deadlines

The Ministry of National Economy and Finance has announced a one-day extension to the deadline for filing tax returns.

Specifically, millions of individuals have until August 2 to correct any errors or omissions on income tax returns they have already filed, if they submit amended returns by that date.

The online application for the submission of amendment declarations is available on the myaade.gov.gr digital portal of the Independent Public Revenue Authority.

Payment of the tax
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The extension of the deadline for filing returns also postpones the deadline for payment of the first instalment of income tax.

As clarified, those taxpayers who want to pay the resulting tax in one lump sum and want to earn a 3% rebate must do so by July 31.

Specifically for the first installment,instead of July 31, which was the original deadline, it must be paid:

-By August 2 for natural persons.

By 9 August for legal persons.

By the deadline for the payment of contributions by the date of payment for the first day of the month of August, until the date of payment for the first day of the month of August, until the date of payment for the first day of the month of August.
The “catch” here is that those who want to take advantage of the 3% discount, the one-time payment must be made by July 31, not August 2 or August 9.

As a reminder, income tax is payable in 8 equal monthly instalments with the last one due at the end of February 2025.

What is in effect with the penalties

Especially for taxpayers who will file late – after 2/8/2024 – amended income tax returns with a tax debit amount, the following applies:

(a) If the original timely return resulted in a zero result or a tax credit balance and the amended return results in an additional tax payment of up to $100, then no late filing penalty will be imposed.

(b) If the original late return had resulted in a zero or tax credit amount and the late amended return results in an additional tax liability of more than EUR 100, then:

If the taxpayer is not a business or self-employed person, a fine of EUR 100 will be charged.
If the taxpayer is an entrepreneur or a freelancer, he will be charged a fine of 250 euros if he keeps single-entry books or a fine of 500 euros if he keeps double-entry books.
c) If the original late return had a debit balance to be paid and the amending return results in a reduction of the debit balance, then no fine will be imposed.

(d) If the original late return had resulted in a debit balance and the late amended return results in the same debit balance or an additional debit balance to be paid of up to EUR 100, then no penalty will be imposed.

e) If the original return submitted on time resulted in a tax debit balance to be paid and the late amended return results in an increase in the tax debit balance of more than EUR 100, then:

If the taxpayer is not an entrepreneur or a self-employed person, he/she will be charged a fine of 100 euros.

If the taxpayer is an entrepreneur or a freelancer, he will be charged a fine of EUR 250 if he keeps single-entry books or EUR 500 if he keeps double-entry books

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