Tax changes on the way for self-em­ployed

Kathimerini English - - Front Page - PROKOPIS HATZINIKOLAOU

The self-em­ployed and all pen­sion­ers will soon have their in­come tax de­ducted au­to­mat­i­cally from their earn­ings, some­thing which is al­ready the case for salary work­ers and many pen­sion­ers, as the Fi­nance Min­istry and the tech­ni­cal ex­perts of the coun­try’s cred­i­tors are work­ing on the in­tro­duc­tion of a “pay-as-you-earn” sys­tem from Jan­uary 1, 2015.

This means that as of Jan­uary the state will with­hold the tax from tax­pay­ers’ earn­ings with­out hav­ing to wait for the sub­mis­sion of tax state­ments and pay­ment in in­stall­ments the fol­low­ing year.

Con­se­quently, for many tax­pay­ers, after the pro­cess­ing of their tax dec­la­ra­tion there may well be no tax payable given that they will have al­ready paid it dur­ing the course of the year.

This process will not only bring for­ward the pay­ment of in­come tax due, but is also ex­pected to re­duce the rate of new debt cre­ation.

In ad­di­tion, the gov­ern­ment is re-ex­am­in­ing the re­main­ing tax ex­emp­tions, as it has promised its cred­i­tors that it will abol­ish any that are seen to be in­ef­fi­cient and un­fair.

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