First Income Tax Installment by July 31



taxes
The first income tax installment is expected to be emailed to all Greek tax payers until the end of July.

According to the Finance Ministry, tax payers are obligated to print the bill for the taxes they owe through taxisnet.gr using their personalized key codes. The Ministry will be sending emails for income tax payments in two installments. The first will be sent to around two million tax payers owing over 300 euros, with the first payment due at the end of the month. The second installment will involve those owing less than 300 euros, around 600,000 tax payers, who will need to pay the full amount until August, but with a rebate of 1.5%.

After the income tax, the Finance Ministry will send emails for the special property tax to around 6.5 million tax payers, starting in the first days of August. The Ministry personnel is in a rush to conclude the taxes by August, so it can begin collecting taxes by September.

Income tax statements will be paid in three installments. The first by July 31, the second by September 30 and the third by November 30. Additionally, tax payers will have to pay the solidarity dues, as well as practitioner fees for freelancers.

Those failing to meet the deadlines will be charged an 8.75% annual interest. If the payment is delayed more than two months, the fine increases by 10%. So far, just 17% of taxpayers have submitted tax statements.

The tax bureau will begin sending property tax notices to 5 million owners. The first installment is due for payment by July 31, with the rest each following month, and the last on December 31. For the first time, the tax will include agricultural and pastoral plots and will exclude buildings for such purposes.

This year, owners will also be called on to pay an additional overall property tax on the total value of real estate assets, if they own property worth over 300,000 euros.

Luxury tax for cars over 1929 cc, swimming pools and aircraft will have to be paid in a single installment with a 1.5% rebate. The new VAT payment system will be introduced in September, allowing those obligated to pay VAT only if they have received it.