Small firms to get VAT pay­ment ex­emp­tion

Kathimerini English - - Front Page -

The Fi­nance Min­istry is pro­mot­ing a plan for the ex­emp­tion of small and medium-sized en­ter­prises and self­em­ployed pro­fes­sion­als with an­nual gross rev­enues be­low 20,000-25,000 eu­ros from hav­ing to pay val­ueadded tax.

The reg­u­la­tion, which would raise the ex­emp­tion cap from 5,000 eu­ros per year, will be in­cluded in one of the bills to be sub­mit­ted in Par­lia­ment af­ter July 15, al­though some min­istry of­fi­cials have ex­pressed con­cerns about the fi­nal thresh­old level, say­ing 25,000 eu­ros is too high.

This reg­u­la­tion in ef­fect in­cor­po­rates a pro­posal by the In­ter­na­tional Mone­tary Fund, which had asked for the ex­emp­tion of small en­ter­prises from VAT pay­ment. Some 42 per­cent of those taxed in the VAT sys­tem are small en­ter­prises that end up get­ting more in tax re­bates than they pay in VAT.

Min­istry sources say that the new in­come tax code will be put up for pub­lic con­sul­ta­tion next week, fol­lowed in two weeks’ time by the new tax pro­ce­dure code.

Dead­line ex­tended

While tax of­fi­cers to­day con­tin­u­ing a 48-hour strike launched yes­ter­day, the Fi­nance Min­istry has granted a two-month ex­ten­sion to this Sun­day’s dead­line for the elec­tronic sub­mis­sion of in­come tax dec­la­ra­tions for the 2012 fi­nan­cial year.

The min­istry has opted for stag­gered dead­lines de­pend­ing on the last digit of each tax­payer’s tax regis­tra­tion num­ber (AFM). There­fore the min­istry is ask­ing for peo­ple whose AFM ends with the num­ber 1 or 2 to sub­mit their dec­la­ra­tions via the TAX­IS­NET sys­tem of the min­istry’s web­site (www.gsis.gr) by July 22. Tax­pay­ers with an AFM end­ing in 3 or 4 have a July 29 dead­line, those that end 5 and 6 must sub­mit dec­la­ra­tions by Au­gust 5, those end­ing in 7 and 8 by Au­gust 12, those in

48-hour strike, which is set to con­clude to­day. 9 by Au­gust 26, and those in 0 by Au­gust 30.

It must be noted that all dec­la­ra­tions sub­mit­ted be­fore Au­gust 30 will be con­sid­ered to be on time, but the min­istry has set stag­gered dead-

yes­ter­day were turned away dis­ap­pointed, as em­ploy­ees started a lines in or­der to avoid a sys­tem fail­ure in the last days of Au­gust. How­ever, while tax­pay­ers who sub­mit their dec­la­ra­tions by end-July will be able to pay their tax in three in­stall­ments, those who send them in Au­gust will only be able to do so in two.

So far, no more than 500,000 tax­pay­ers out of a to­tal of 6.5 mil­lion have sub­mit­ted their dec­la­ra­tions for 2012.

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