In 2027, the profession fee will be abolished for businesses and self-employed individuals with up to three employees. This tax was imposed during the bailout period in 2012, burdening professionals with amounts of up to 1,000 euros per year. Moreover, in 2025, the self-employment tax will be eliminated for freelancers and self-employed professionals taxed based on the minimum taxable income. However, those with invoice books will continue to pay €400-500 per year until 2026. Freelancers, who have seen an increase in taxable income linked to the rising minimum wage, will benefit from this government decision. The fees they had to…

State General Accounting Office officials predict a primary deficit of 1-1.2% of GDP for 2022. [INTIME NEWS] The government is implementing an electronic invoicing system for full transparency in state transactions with companies supplying the state. By January 2025, the system will be fully operational, ensuring real-time monitoring of state expenditures. With this system, the State General Accounting Office will have detailed insights into all state transactions, controlling approximately 13-15 billion euros per year. This electronic invoicing will extend to all public bodies, allowing the government to track budget allocations and identify discrepancies in spending. This innovative system will revolutionize…

In a move to address the housing crisis, the Greek government is set to introduce a three-year tax exemption for property owners who open their shuttered apartments for long-term leases. Prime Minister Kyriakos Mitsotakis will unveil the details at the Thessaloniki International Fair with Minister Kostis Hatzidakis elaborating next Monday. The exemption will apply to individuals who lease their properties for three years, starting from 2023. Additionally, those transitioning from short-term to long-term leases will also be eligible for tax breaks if the property is rented out as the main residence for at least one year within the three-year period.…

In an effort to revitalize the declining mergers and acquisitions market, the Greek government has introduced a draft bill with more generous tax incentives. Finance Minister Kostis Hatzidakis aims to encourage smaller businesses to merge by lowering the threshold for tax breaks and rewarding research and development investments. Companies investing in R&D can now deduct up to 315% of their spending from taxable income, with a focus on startups and collaborations with research centers. To stimulate innovation, the bill includes a provision for a three-year tax exemption for firms developing patented applications, followed by a 10% tax break for seven…

The Ministry of Finance is planning to further automate the income tax submission process based on this year’s findings. Salaried employees and wage earners had the option to use auto-filled forms provided by the tax authority, AADE. Out of 1.4 million forms sent, only 420,000 were submitted without amendments, due to errors from employers and banks. Considering imposing fines for delays in submitting data, the Finance Ministry aims to streamline the process for next year. The goal is to increase auto-filled declarations to 3 million, with fewer corrections. By 2026, 8.5 million taxpayers may not need to submit tax forms,…

The government is set to introduce a new loan program offering almost zero interest rates for first home buyers aged under 39. The scheme, totaling €1.7 billion, will benefit over 100,000 individuals, with an initial disbursement of €500 million. Labor Minister Kostis Hatzidakis revealed that €375 million will be interest-free, funded by the Public Employment Service, while banks will contribute 25%. The Greek government is tackling the housing crisis by finalizing plans to increase affordable housing without inhibiting short-term rentals like Airbnb. Potential measures include limiting the number of properties individuals can lease short-term, imposing a cap on rental days,…

Government Offers Fine Discounts for Admitting Wrongdoing In an effort to streamline court disputes and increase tax revenue, the government is introducing a new program that offers substantial discounts on fines for individuals or businesses that admit their wrongdoing and accept inspection results. This initiative aims to incentivize cooperation and expedite the resolution of legal matters. By admitting fault and complying with inspections, offenders can avoid lengthy and costly court battles while also contributing to the government’s revenue stream. This approach encourages transparency and accountability while also promoting a more efficient and effective legal system. Through this program, the government…

The government is pushing for mandatory electronic invoicing for all businesses, with discussions already held with Brussels officials. Athens expects a response from the European Commission by September, following which the necessary provisions will be presented to Parliament for implementation starting in January. E-invoicing involves the digital exchange of documents in commercial transactions like invoices, purchase orders, and more. In preparation for this, companies can select from 16 certified providers, with the tax administration also set to become a provider after completing procedures. By transitioning to e-invoicing, the aim is to reduce VAT fraud and fictitious data within the market.…

The government is planning incentives for taxpayers who meet their tax obligations consistently and settle their arrears promptly. These bonuses are set to take effect from 2025, rewarding responsible taxpayers. Deputy Minister of Finance Christos Dimas announced, “We are considering significant incentives for the following year, offering financial rewards to taxpayers who file their tax returns early and fulfill their dues promptly.” Possible incentives include a 5% discount for early payment of income tax, ENFIA, and social security contributions, increased chances in the monthly lottery draw by the tax authority, reduced interest rates on future debts to the state, quicker…