The House of Representatives has voted for the bill by which the overdue taxes can be paid by equal monthly instalments as follows:
- Amounts owned under €100.000 will be payable by 54 equal monthly instalments (with the minimum instalment being €50).
- Amounts owned in excess of €100.000 will be payable by 60 equal monthly instalments (with the minimum instalment being €1.852).
Also the Tax Commissioner is given the right to set the full deduction of charges, fines and interest.
The new law covers the below taxes:
- Income Tax
- Value Added Tax (VAT)
- Special contribution for the Defence
- Immovable Property Tax
- Capital Gains Tax
- Special Contribution for Employees
- Stamp duty
The tax payer must submit an application within 3 months from the date that the new law will become effective (the implementation date will be announced by the Tax Commissioner). Also, it is expected that the Tax Commissioner will issue explanatory guidelines for the proper implementation of the provisions of the new legislation.
Should you have any questions in respect of the above matter please do not hesitate to contact us.