At the last moment, that is, tomorrow Friday, July 26 – when the official deadline for submission ends – the final decision will be made regarding the extension (or not) of the submission of tax returns and for what duration, with the Ministry of Finance not revealing its cards for the time being.
The issue was discussed in a special meeting chaired by the Minister of National Economy and Finance Kostas Hatzidakis, with the participation of the Governor of AADE G. Pitsilis, where it was established that the submission process of the returns has gained speed and is evolving at a satisfactory pace. Tomorrow, the data will be re-evaluated, with the most likely scenario indicating a brief extension until next Wednesday, July 31.
The data
The data shows that since the beginning of the week, the daily rate of submissions has accelerated, reaching 130,050 submissions on Monday and 151,112 on Tuesday.
Based on this data, 700,000 returns are still outstanding, which means that to complete the process by tomorrow night, the daily rate must rise to 350,000 submissions, something that accountants say is impossible, as thousands of amendment returns are also submitted during these days.
So far, approximately 5.9 million returns have been submitted, and according to the spokesman for the Ministry of National Economy and Finance, Omir Tsapalo, about 200,000 returns have been temporarily stored in the system, and therefore their submission is considered a quick process. If an extension is granted until July 31, the timelines work out.
The fines
However, those who miss the deadline risk fines ranging from 100 to 500 euros, while taxpayers with outstanding tax returns will incur interest of 0.73% for each month of delay from the due date of tax payment.
No fine will be imposed on those who submit an initial or amended tax return late, as long as the tax does not exceed 100 euros; however, depending on the duration of the delay, they will incur a charge of 0.73% on the tax for each month.
As for the tax authorities, the examination of the returns submitted so far shows the following:
- One in three taxpayers pays additional tax for the income earned in 2023. The assessed tax exceeds 3.31 billion euros, with the average tax climbing to 1,713 euros. Income tax can be paid either in full by July 31, allowing taxpayers to benefit from a 3% tax discount, or in 8 monthly installments, with the first installment due by the last day of July. In addition, taxpayers have the option to pay the tax in 12 interest-free installments with a credit card, also gaining the 3% discount, or to include their debt in the standard arrangement of 24 interest-bearing installments.
- Two out of ten taxpayers have received a credit assessment, with the total amount of tax refunds reaching 381.15 million euros, or an average of 331.5 euros.
- Nearly 46% of the submitted returns were zero, with taxpayers not paying a single euro in tax for last year’s income.