The four major changes in the new tax bill – Live announcements by Minister Chatzidakis
The announcements include measures beyond those introduced by the Prime Minister a month ago. Minister Kostis Hatzidakis discussed four major changes:
The Four Changes:
- Changes to Tipping: A tax exemption will be introduced for tips up to €300 per month.
- Abolition of the Business Tax: The Business Tax will be eliminated for all individuals, whether they have a “block” (a self-employed tax ID) or not.
- Revisions to Tax Filing Processes: The procedure and specific deadlines for submitting tax returns will be permanently set without extensions. There will be fixed dates applicable regardless of the government in power.
- A Modern Administrative Model for AADE: The introduction of a contemporary administrative model for the Independent Authority for Public Revenue (AADE) is also on the agenda.
Regarding Tips: A tax exemption for tips up to €300 via POS will be established. For the past 30 years, taxation has applied from the first euro. If an employer reduces wages and attempts to compensate with tips, there will be a disincentive for the employer. This regulation will take effect on November 1st, and there will also be an exemption from social security contributions.
Regarding Tax Returns: A fixed submission date is set from March 15 to July 15. A tiered discount of 2% to 4% will be introduced for quick and one-time payment of income tax.
In detail:
- 4% discount if the tax return is submitted 3 months before the deadline (July 31) and the corresponding tax is paid in one installment.
- 3% discount if submitted 2 months before the deadline.
- 2% discount if submission and payment occur in the month of the deadline.
Administrative Model of AADE: Redistribution of responsibilities between the governor and the board of directors will take place. There will be a possibility for a second renewal of the AADE governor based on a decision by the board of directors. Hiring directors from the private sector will be allowed, and there will be deputy director positions with specific duties.
The post The four major changes in the new tax bill – Live announcements by Minister Chatzidakis appeared first on ProtoThema English.
- Log in to post comments