Taxpayers will have to use credit and debit cards for tax exemptions
The Ministry of Finance is currently working on a list of expenses that will allow a tax exemption worth 1,900 to 2,100 euros, as of January 2017, as published in the Ethnos newspaper. The tax-free threshold will necessitate the use of credit and debt cards and will cover purchases from super markets, fuel stations, electrical goods, furniture, hotels, restaurants and bars, as well as the services of accountants, electricians and plumbers, among others.
On the contrary expenses such as utilities, telecommunications, loan payments, rent and even tolls fees will not count towards these expenses, in order to “build up” the tax-free threshold. Depending on their income, taxpayers will have to make a set amount of purchases via cards or e-banking in order to qualify for a tax exemption. Should the tax-payer fail to do so, he will be faced with a 22% tax on the difference between the total amount of receipts collected and required.
In order to qualify for the tax exemption, tax payers with an annual income of up to 10,000 euros will have to submit receipts for 10% of their income. For incomes between 10,000 and 30,000 taxpayers the rate increases to 15%, while for all income above 30,000 euros, the rate is 20%, with the receipt limit being 30,000 euros.
You may be interested
Crete is the most popular holiday destination for BritsPanos - Jan 21, 2021
Crete is the most popular holiday destination for this year’s tourist season for the Brits, according to online searches made in…
Fastest Brand Growth in 2020 (infographic)Panos - Jan 21, 2021
2020 has been a pivotal year for various brands in the U.S. A new report of the fastest-growing brands shows…
Putin dips into freezing waters for Epiphany feastPanos - Jan 21, 2021
The Russian Orthodox Church celebrated the Epiphany on the night of January 18-19. Taking off his warm coat and under polar…