- Income tax returns for individuals and legal entities, submitted from 7/20 in the evening and after, and until August 28 until which the SUBMISSION DEADLINE WAS EXTENDED THEM, are settled with the new tariff.
The settlement note for natural persons will show:
– The amount of the debt
– The discount
– The payment date
– The amount for the one-time payment (with the 2% discount)
The distribution of the debt in 8 installments will appear from the next submission of the declaration in the Personalized Information (“Out of Adjustment Debt Details”) in myTAXISnet.
- Declarations already submitted and not paid:
From 21 /07, the amount of the one-off payment (after the 2% discount for natural persons), as well as the amounts of the eight installments will be shown in the Personalized Information (“Debt Details outside of Regulation”).
In the Personalized Information the taxpayer will see the total debt in 8 installments. The amount, which may have already been paid, is deducted from the total installments, based on the number of installments to which it corresponds.
EXAMPLE:
Taxpayer is required to pay income tax of 900 euros.
That is, based on what was in force before, 3 bimonthly installments of 300 euros.
He has already paid the first installment of 300 euros.
By ‘ implementation of the new provisions, he can pay in 8 monthly installments of 112.5 euros.
Consequently, in the Personalized Information (“Debt Details outside Regulation”), will appear:
– that the first two installments of €112.50 have been paid
– for the third installment the difference: 3x€112.50 = €337.50 – 300 = €37.50 euros.
– from the fourth installment onwards, the installment to be paid is €112.50 every month.
In case he wishes to pay the amount in one lump sum, to benefit from the 2% discount, then the following applies:
900 – 2%=882 euros
€300 is deducted from 882 euros, who has already paid and is paying on time the difference of 582 euros.
- Declarations already submitted and paid:
For cases where taxpayer has already paid once, the 2% discount will be offset against his next debt.
To incorporate the above changes, they will not be available today, between 14: 30 – 22:00, the following myTAXISnet applications:
– submission of income tax returns for natural and legal persons
– adjustment requests
– personalized information
– payment by card
Change to parental benefits for buying a first home
Significant change with a new tax law was introduced by the Ministry of Finance regarding parental allowances for the purchase of a first home. The donation of money from the parents to the children will be taxed based on the scale of the parental benefit which provides for a tax-free limit of 150,000 euros. And this under the condition that this money will be used for the acquisition of a first home.
A provision of the new tax bill passed in Parliament abolishes the 10% tax that today it is imposed independently on the parental provision of monetary amounts and in fact from the first euro on the condition that the children will use the money donated by their parents to buy their first home.
The new measure relieves parents of a significant tax burden and at the same time makes it easier for young people who proceed to purchase their first home to justify the source, i.e. the origin of the money they have available for the purchase of the home.
In particular, based on the new regulation:
– For the calculation of the tax on monetary donations and parental benefits, which are recommended from parents to their children for the purchase of a first home, the scale of the Inheritance, Donations and Parental Benefits Taxation Code is applied, which provides for a tax-free limit of 150,000 euros.
For sums of money over 150,000 and up to 300,000 euros are subject to a 1% tax, for sums over 150,000 and up to 600,000 euros a tax rate of 5% is applied, while for the part of the money that exceeds 600,000 euros a tax is imposed at a rate of 10%.
– The abolition of independent taxation at a rate of 10% only concerns parental benefits for the acquisition of a first home by the children and not for the acquisition of other assets, e.g. buying a car or providing money to the children.
The presumption of acquisition of the amount given as a benefit from the parent to the child is maintained and should be justified by the parent’s income .
Compensatory COVID refund (rent reduction).
This is expected to be implemented within the new deadline for submitting income tax returns, i.e. within August 2020. There will soon be a clarifying announcement from the competent Authority. POMIDA, which requested and succeeded in returning 30% of the lost rents, is closely monitoring the matter.
