In the coming days, the leadership of the Ministry of National Economy and Finance and the Administration of the Independent Office of Public Revenue will sign and issue the joint decision that will activate the provisions of Article 31 of Tax Law 5073/2023, which provide for the specific discount.
In 5 years
In particular, with these provisions, an income tax deduction equal to 100% of the costs of repair, maintenance, renovation and functional upgrading of real estate is provided to every taxable natural person who made or is going to make such expenses within 2024. The amount of the discount cannot to exceed 16,000 euros and is distributed equally in the tax returns submitted by the taxpayer in each of the following 5 years.
The benefit from the application of this provision will in the long run be much greater than the burden due to the charge of 24% VAT when paying the professionals in question, if in fact the total costs for repair, maintenance and renovation of a residence have not exceeded 16,000 euros. In other words, this provision was established to prevent many taxpayers who make such expenses of up to the significant amount of 16,000 euros from accepting the classic “agreement” that construction industry professionals usually ask them for not being charged with 24% VAT as long as no receipt is cut.
It suits
In particular, the amount of income tax that can be saved by each taxpayer who asks to pay each construction professional with a card and receive a receipt will now be much greater than the amount of VAT that will be charged for their work and the value of the materials. This is because the total cost of labor and a significant part of the cost of materials are deducted from the income tax. The upper limit of the amount of expenditure for which the deduction applies amounts, as mentioned above, to 16,000 euros and the period of time for which the taxpayer can benefit from the deduction is now 5 years. That is, for every expenditure of up to 16,000 euros made by every property owner from 1-1-2024 in one year, the amount of this expenditure will be spread over the next 5 years to be deducted as a deduction from the income tax of those years. Thus, the maximum annual tax deduction that the taxpayer can earn is 3,200 euros (16,000 euros/5 years).
Ceiling…
It should be clarified here, however, that this provision provides for a limitation (a “cutter”): The material expenditure recognized cannot exceed 1/3 of the work expenditure.
Thus, if e.g. a taxpayer incurs until the end of 2024 expenses for the renovation and functional upgrade of his main residence, a total amount of 10,000 euros, of which 8,000 euros are payments for the works and 2,000 euros are expenses for the purchases of materials, he will he is entitled to an income tax deduction equal to the entire amount of 10,000 euros, because the costs for materials are less than 1/3 of the costs for the works.
This discount will be distributed over the next five years, in which case it will amount to 2,500 euros per year and will be granted when the tax return is submitted by the taxpayer in each of the following five years, i.e. in each of the years 2025, 2026 , 2027, 2028 and 2029.
The restriction that the recognized expenditure on materials cannot exceed 1/3 of the expenditure on the works will result in the taxpayer’s VAT burden being … amortized two years later, when allocating the deduction to the following five years. That is, while the total amount of income tax that the taxpayer can save is more than three times the VAT that he will pay, the specific limitation and the distribution of the benefit over 5 years delay by two years the… amortization of the additional and temporary VAT burden.
In any case, the income tax deduction resulting from this provision is very large in the medium to long term.
Which ones are recognized
Spending on more… light cleansers
The tax deduction applies to the costs of the following renovation and functional upgrading works:
1 Energy
* Installation of thermal insulation.
* Replacement of frames, glazing and external protective sheets.
* Installation or upgrade of a heating/cooling system, as well as the necessary infrastructure and components to make it fully functional.
* Installation of devices to automatically control the operation of the heating/cooling system.
* Installation of a system of self-production of electricity (with energy compensation), as well as systems of electric accumulators (batteries), when combined with photovoltaic systems.
* Installation of a hot water production system using Renewable Energy Sources (RES).
* Installation of a mechanical ventilation system with heat recovery.
* Upgrading the lighting of the common areas of the apartment building.
2 Functional-aesthetic
* Installation/replacement of hydraulic installation.
* Installation/replacement of electrical installation.
* Roof maintenance/repair.
* Masonry repair/Painting inside and outside buildings.
* Installation of fixed or mobile shading systems.
* Upgrade or install an elevator.
* Installation of domestic recharging points for electric vehicles.
* Change or repair floors.
Terms
Conditions to recognize the deduction of the repair, maintenance and renovation expense of a residence or residences from income tax are:
a) The buildings have not already been or will not be included in an upgrade program.
b) Expenses must be proven by issued retail transaction receipts or issued service invoices
c) The expenses have been paid by electronic means of payment (credit or debit or prepaid cards or through e-banking, etc.).
EXAMPLE
How useful they are now the works with proof
To better understand the magnitude of the benefit that the taxpayer now has if he pays electronically and receives a receipt from every professional who carries out renovation work on his residence or other property, we quote the following example.
Suppose a homeowner calls a plumber to repair extensive damage to their property’s plumbing. The cost of the work amounts to 300 euros without VAT 24% and the value of the materials to 200 euros without VAT 24%. If the owner accepts that no receipt is issued by the plumber and pays the expense in cash, he will be charged 500 euros and will save the 120 euros of VAT. According to the provision of article 31 of Law 5073/2023, if the expense is paid by card and a receipt is issued, the taxpayer will pay a total of 620 euros (500 euros + VAT 24%) and will receive a tax deduction which will be calculated as follows :
* for the works: 300 euros + 72 euros VAT 24% = 372 euros
* for materials: 1/3 x 372 euros (because the discount for materials cannot exceed 1/3 of the cost of the works) = 124 euros
* 372 euros for the works + 124 euros for the materials = 496 euros.
The total expenditure that will be recognized for income tax deduction will be 496 euros (372 euros for the works and 124 euros for the materials). This amount will be deducted in 5 equal installments from the income tax of the following 5 years. Thus, every year for the next 5 years, from 2025 to 2029, the taxpayer will have an annual income tax deduction of 99.20 euros (496 euros) the deductible expense/5 years).
Essentially, the VAT charge of 120 euros will be more than covered by the tax deduction of 496 euros over a period of 5 years, but already from the 2nd year of distribution of the deduction, where the total benefit will now have reached 198.4 euros (99.2 euros + 99.2 euros).
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#Tax #Office #Tax #deduction #home #renovations
Adsbygoogle js
It seems you have pasted a large snippet of JavaScript code that includes several asynchronous script loading functions, such as those for Google AdSense, OneSignal, Disqus, and others. The purpose of this code appears to be to dynamically load ad scripts and other functionalities based on certain conditions while ensuring that they are executed in a specific order.
Here’s a breakdown of what’s happening in each section, along with suggestions on how to complete or clean up the code:
### Code Breakdown
1. **Adsense Removal Logic**: The code looks for elements with the class `.adsense-for-mobile` and removes the `.adsbygoogle` elements if a certain condition is met.
2. **AdSense Slot Handling**: If there are any AdSense slots detected, a function to load them is called (though it’s currently empty).
3. **Phaistos Adman**: A function is pushed to a queue to initialize an Adman ad unit.
4. **OneSignal Initialization**: OneSignal is initialized with an application ID. This allows for web push notifications.
5. **Disqus Integration**: The Disqus embed configuration is set with a page identifier, and a script is dynamically added to load Disqus after a delay.
6. **CleverCore Commented Section**: There is a commented-out section for loading CleverCore that initializes another script loader.
7. **Loading Various Ad Networks**: There are placeholders for loading scripts for Taboola, Google AdSense, Glomex, Dalecta, and Vidoomy.
### Suggestions for Completion
To make this code functional, you should:
– **Define `asyncLoadScript` and `asyncLoadModule`**: Ensure these functions are defined elsewhere in your code. They should handle the loading of the scripts asynchronously.
– **Complete Script URLs**: Wherever you see a comment or an unclosed string (`asyncLoadScript(‘`), you need to specify the source URL of the scripts you want to load.
– **Error Handling**: Implement error handling for script loading so that if a script fails to load, it doesn’t halt the execution of the rest of the code.
– **Consolidate Logic**: If scripts are intended to work together or have dependencies, make sure they are loaded in the correct sequence or use Promises to manage dependencies.
### Example Snippet Completion
Here is an abbreviated example of how you might finish the Google AdSense loading logic:
“`javascript
// Function to load a script asynchronously
function asyncLoadScript(src) {
const script = document.createElement(‘script’);
script.src = src;
script.async = true;
document.head.appendChild(script);
}
// Load Google AdSense
if (document.querySelectorAll(‘.adsbygoogle’).length) {
asyncLoadScript(‘https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js’);
}
// Load Disqus
var disqus_config = function() {
this.page.url = window.location.href; // Set page URL dynamically
this.page.identifier = 1559524;
};
setTimeout(function(){
const d = document;
const s = d.createElement(‘script’);
s.src = ‘https://YOUR_DISQUS_SHORTNAME.disqus.com/embed.js’;
s.setAttribute(‘data-timestamp’, +new Date());
(d.head || d.body).appendChild(s);
}, 3000);
“`
Remember to replace placeholders with actual URLs and logic that suits your application’s needs. Ensure testing is performed to verify that each integration is functioning as intended.
