Last chance to file income tax statements

Thursday, August 31, at 3 p.m., is the final deadline to file tax returns.

Finance Minister Kostis Hatzidakis told reporters Monday that there will not be a third extension to the deadline. Those filing late will pay a fine, to be determined in September, provided they would have to pay at least €100 in taxes beyond what has already been withheld at the source (which is true mostly of salaried employees and pensioners).

By Monday, 95.4% of the individuals and businesses who are obligated to file, or about 6.2 million out of 6.5 million, had done so.

Extra taxes assessed so far are €100 million higher than last year, but rebates are also higher.

Taxpayers normally have to pay the assessed tax in eight monthly installments, from July to February. Those who filed, or will file, in August will have to pay two installments this month.

There is also the option to pay the tax in up to 24 installments, if they ask to do so when filing their income statement. However, this option comes with added interest, ranging from 4.5% for 12 installments to just over 6% for 24. On the other hand, those who choose to pay their taxes in one lump sum will have a discount.

According to data published by the Independent Public Revenue Authority (AADE), out of 6,210,449 filed returns, 2,979,152, or 47.97% were assessed no extra taxes; 1,002,366 (16.14%) will get a rebate averaging €403, and 2,228,309 were assessed extra taxes averaging €1,482 or a total of €3.3 billion.

For those who expect a rebate, if they owe social security contributions, the rebate will be offset against the debts. Thus, AADE has withheld about 31% of the rebates.