Tax returns: Countdown to filing

Tax returns: Countdown to filing

A 3% <a href="https://www.archyde.com/tesla-launches-a-huge-discount-for-the-model-3-and-makes-it-unbeatable/” title=”Tesla launches a huge discount for the Model 3 and makes it unbeatable”>tax discount will be earned by taxpayers who choose to pay the income tax resulting from the settlement of the tax return in one lump sum by July 31, 2023, instead of in 8 equal monthly installments.

In particular, in an amendment of the Ministry of Finance submitted to the Parliament, it is foreseen that the payment of the income tax, which will result from the settlement of the tax return in 8 equal monthly installments, while if the taxpayers choose to pay the amount in one lump sum until July 31, 2023 will have a 3% discount

At the same time, the same amendment provides for the taxation of MEPs’ compensation and pensions.

With an amendment submitted to the multi-legislation of the Ministry of Finance, among others, the following provisions are proposed:

1. The gross income from salaried work and pensions includes the compensations and pensions, which the MEPs receive.

2. a. The income tax for fiscal year 2022 of legal entities/entities and natural persons is paid, in eight (8) equal monthly installments, as specifically defined.

b. A three percent (3%) discount is provided in the event of a one-off payment of the personal income tax by 31.07.2023 on the total amount of the tax and the debts due to it.

The new provisions

Article 1

Taxation of compensations and pensions of Greek MEPs – Addition of par. 4 in article 12 of the Income Tax Code

1. In article 12 of the Income Tax Code (law 4172/2013, A’ 167) is added par. 4 on the taxation of the allowances and pensions received by MEPs, as follows:

“4. The gross income from salaried work and pensions also includes the compensations and pensions, which the MEPs of Greece receive, pursuant to article 9 of the decision 2005/684/EC of the European Parliament.”

2. The par. 1 applies from tax year 2022 onwards.

Article 2

Arrangements for payment of installments for the income tax of the tax year 2022 -Addition of par. 85 and 86 in article 72 of n. 4172/2013

In article 72 of the Income Tax Code (law 4172/2013, A’ 167) are added par. 85 and 86, as follows:

“85. The payment of the income tax of legal persons and legal entities for the income of the tax year 2022, with the exception of legal persons and legal entities, which have been dissolved or have been placed in liquidation, is carried out in eight (8) equal monthly installments, from of which the first is paid until the last working day of the following month from the final date of submission of the statement, based on par. 2 of article 68 and the remaining seven (7) until the last working day of the following seven (7) months.

86. The payment of the personal income tax of the tax year 2022 is made in eight (8) equal monthly installments, of which the first is paid until July 31, 2023 and each of the following until the last working day of the seven (7 ) of the following months. The payment of the tax, determined by declarations of taxpayers participating in legal entities and legal entities that keep aplographic books, is made in six (6) equal monthly installments, of which the first is paid until the last working day of the month of September 2023 and the each of the following until the last working day of the following five (5) months.
When the tax due on the basis of the timely declaration is paid in one lump sum until July 31, 2023, a discount of three percent (3%) is provided on the total amount of the tax and the related debts.

This does not apply to natural persons who have been subject to the alternative income taxation of article 5B.”

#Tax #returns #Countdown #filing
**Interview ‍with‌ Finance Expert, Dr. Sophie Alexandri**

**Interviewer:** Thank you for joining us today, Dr. Alexandri. ​The⁣ recent amendment from the Ministry of Finance regarding income tax and MEPs’ pensions has garnered⁤ a lot ​of ⁢attention. Could you explain‌ the key ‌points about the 3% tax ⁣discount for those opting for a ⁢lump-sum payment?

**Dr. Alexandri:** Absolutely, thank you for having me. The key‍ point here is that taxpayers have an incentive to pay their income tax from the settlement of their tax returns in a single payment, rather than spreading it out⁣ over eight ⁣months. If they make that lump-sum payment by July 31,‍ 2023, they can benefit‌ from a 3% discount on their total owed ⁣tax amount. This could be a‍ beneficial option for individuals who‌ are in a position to pay their​ tax⁤ in full upfront.

**Interviewer:** That’s an interesting incentive. What impact might this have on taxpayers’ behavior?

**Dr. Alexandri:** Offering⁣ a discount ​can encourage more taxpayers to settle their debts immediately instead ‌of opting for the monthly installment plan. ​This could improve cash flow for the government, allowing for a quicker collection of revenue ‌while potentially easing‍ the burden on taxpayers who ​might find it ⁣challenging to keep⁤ track of multiple payments. However,⁤ it assumes that individuals have the liquidity to make that one-time payment.

**Interviewer:** Now, also ⁤within the same amendment,⁤ there’s a ‍proposal for the taxation of MEPs’ ⁤compensation and pensions. What significance does this hold?

**Dr.‍ Alexandri:**‍ This is quite noteworthy as it signifies a⁢ more equitable approach to taxation. By including MEPs’ allowances and ‍pensions in the⁣ gross income subject to tax, the government ⁢is addressing a long-standing issue regarding transparency and fairness in tax obligations. It’s important that elected officials contribute their fair share to‍ the tax system like any other citizen.

**Interviewer:** How do ⁣you think these changes will be received by the public and political parties?

**Dr. Alexandri:** Public reception‍ will likely be mixed. While many will appreciate ⁢the fairness in taxing MEPs, ⁢others might view the 3% discount as an unnecessary perk for those who⁤ can afford to pay ⁣large sums upfront. On the ‍political side, we might ​see varying reactions; some parties may support the ‍amendment as a means of promoting fiscal responsibility, while others might⁣ criticize it for not going far enough‌ in ​reforming the⁤ broader tax system.

**Interviewer:** Thank you for your insights,⁣ Dr. Alexandri. It seems this⁣ amendment has the potential​ to reshape both‌ taxpayer behavior ‍and the landscape‌ of political accountability ⁤in terms of taxation.

**Dr. Alexandri:** Indeed, it’s ​a significant step, and it will be interesting to see how it unfolds⁤ in the coming months. Thank‌ you for having me.

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