Taxation in the United Kingdom

The Finance Ministry has announced plans to change the way that cars are taxed in Greece, creating what it says will be a ?fairer? system.

According to the ministry?s statement, vehicles will be taxed according to their retail price rather than engine size, as is currently the case.

Different scenarios of changes to value-added tax rates have paralyzed the car market in the last couple of weeks.

Expectations for a rate cut from 23 to 18 percent, and the government?s intention to revise incentives for vehicle withdrawals have resulted in a 30 percent drop in sales and orders since early May.

Romania's centre-left government under Victor Ponta on Tuesday unveiled plans to cut VAT from 24 to 9 per cent for all food products, as well as on non-alcoholic beverages and catering services. The measure will come into force from June 1.

By Prokopis Hatzinikolaou

The issue of value-added tax on popular Aegean islands has returned to the spotlight as despite the strong denial by the prime minister?s office of an increase in the rate, also citing legal problems, the government spokesman returned to the subject on Monday, telling radio station Real FM that ?this is a topic that is in open consultation.?

The Finance Ministry is planning a new real estate tax scheme aimed at replacing the controversial single property tax ENFIA that had been introduced by the previous government. Ethnos daily newspaper states that the new tax system will have a low tax limit for property under 50,000 euros and will rise according to the price of the property and family situation of the owner.

By Anastasia C. Miliou, Court of Appeals Lawyer

Anyone with relatives in Greece will at some point be called to tie up loose ends when a loved one has died. Inheritance rights in Greece are separated into two categories: active and passive.

The reduction in VAT and excise duties, measures included in the 2016-2020 Fiscal Relief Plan in the draft Tax Code, may take effect earlier than January 2016, according to Finance Minister Darius Valcov.

Photo credit: (c) LIVIU SOVA / AGERPRES PHOTO

The flat tax rate will go down from 16 percent to 14 percent as of January 1, 2019, Minister of Public Finances Darius Valcov announced at the government meeting for the presentation of the draft amendments to the Tax Code and the Tax Procedure Code.

Photo credit: (c) LIVIU SOVA / AGERPRES FLOW

By Prokopis Hatzinikolaou

Tax declarations will be more complicated from next year as taxpayers will have to declare all of their assets, including real estate, investments, mobile properties etc. The government hopes this will allow authorities to ascertain how able taxpayers are to pay their dues and help in the battle against tax evasion.

As of January 5, Monday, natural persons can submit their tax return forms to Bulgaria's National Revenue Agency, officials have announced.  

The deadline for tax statements and payment is April 30. Declarations can be sent online using an e-signature.