Taxation in China

Tax authorities are keeping a close eye on tax payments of large companies, the Treasury and Finance Ministry has said in a statement.

The government is planning incentives for taxpayers who are consistent in their tax obligations and those who have included their arrears in debt settlement and repay them without delay. These bonuses are expected to be activated from 2025.

Although the process of automatic finalization of pre-completed tax returns may have been completed and the relevant statements issued, taxpayers who find errors in the tax calculation have until July 26 to file amended retur

According to KEFIM's research, the 175 working days required to meet tax obligations in 2024 represent the lowest tax burden in the past decade

Taxpayers who choose to pay the total amount of their income tax dues this year in one lump sum by July 31 will secure a 3% discount, according to the amendment the National Economy and Finance Ministry submitted in Parliament.

The government will review all tax exemptions, including the discounts enjoyed by the 676,000 self-employed. In addition to tax exemptions for self-employed professionals and businesses, the various expenses that reduce the taxes of a number of professional groups, or completely exempt them from tax obligations, will also be looked at. 

The deadline for the filing of income tax returns for 2022 has been extended to August 31, following the passing of an amendment in parliament.

However, the payment deadline for the first tax instalment remains July 31. In effect, this means that taxpayers who submit their returns by the new deadline will have to pay two instalments in one month (those for July and August).

A 3% discount on the total amount of income tax will once again be available this year to taxpayers who pay it all at once by July 31, according to an amendment to the omnibus bill of the Ministry of Finance.

It is noted that the platform for submitting tax declarations is expected to open on March 30 this year, while the deadline for submitting income tax returns will be June 30.

There are more than 1,000 persons from abroad, who transferred their tax residence to Greece after the provision of tax incentives that provide for the payment of half income tax and half solidarity contribution for 7 years.

Lawmakers were presented on Tuesday with a draft bill introducing a set of incentives aimed at enticing Greeks based abroad as well as foreign taxpayers and self-employed professionals to transfer their tax domicile to Greece.