One in Three Greeks Fail to Pay Income Tax on Time



Greek ministry of Finance officials say that close to 30% of Greek tax payers failed to pay the first installment of their income tax within the deadline, which expired on July 31. The yearly income tax comes in three installments every two months until the end of the year.

The Independent Public Revenue Authority (AADE) is preparing to send notifications in order to increase the collection rates.

The consequences for those who did not pay in due time include surcharges (0.73% for each month of delay), forced measures and exclusion from the 100-installements paying scheme.

Fines and surcharges will also be imposed on those who make a late tax statement, or make an amendment to the statement, ranging from a one-off fine of 100 euros for employees and pensioners to 500 euros for businesses.

In the coming days, the Finance Ministry is expected to get a clear picture of tax revenues, but overall expectations appear gloomy.