By Chrysostomos Tsoufis

Less than 40 days before the deadline for submitting the tax returns (July 26) and the progress of the process is rather disappointing as only 1/3 have hit the submit button.

According to the AADE data, 2,226,295 declarations have been submitted compared to 3,050,357 on the corresponding day last year. 824,062 fewer declarations (-27% that is) and last year the process did not develop with any particular speed. The Ministry of Finance insists that no extension will be given despite the repeated “annoyances” of tax experts and accountants.

Analysis of the data shows that 1,113,370 statements, exactly half, are zero.

  1. 476,205 statements, about 1/5 or 21.39%, are credit.
  2. The resulting average tax refund is €311.5
  3. 636,498 statements, almost 1/3 or 28.6% are debited.
  4. The total tax payable currently amounts to €761m and the average tax to be paid is €1,195.5.

They seem to be much more hesitant freelancers who have submitted just 297,673 declarations. The new presumptive method of calculation results in an increase in taxation for the majority, so it is not easy to hit the submission button. In addition, E3 is “enriched” with new codes, which contributes to the much lower rate of submission of tax returns.

The AADE has done the appropriate preparatory work so that tax refunds this year as well as offsets are made even faster compared to what was the case last year.
€69m have already been refunded to 334,660 aware and debt-free taxpayers.

The average refund amount resulting from the data processing is €206.3. According to AADE’s design, those who do not have debts will see the refund money in their accounts within a week of submitting their tax return.

They will also be fast offsets of the tax to be refunded with any existing debts. The first settlement is expected on St. Thomas’ Sunday, May 12, while the new regime applied provides that:

  • Income tax refunds to taxpayers who have no debts (tax and insurance) and are tax aware will be sent every week to the Bank of Greece so that they can be paid immediately
  • Tax refunds to taxpayers who only have tax debts will be centrally offset on the 1st and 3rd fortnights of each month starting on May 12. Those that cannot be processed centrally, will be processed as soon as possible by the competent Services, DOU / KEBEIS.

Income tax debts will be set off as a matter of priority with refund rights, which exist or will arise until 31/7/2024, so that in case of payment of income tax through the set-off, the 3% discount will be granted.
Taxpayers who find errors or omissions can make amending returns until July 26 without any charge. In fact, it is not necessary to complete the declaration from the beginning, it is enough to correct the necessary points each time.
If the initial tax return is submitted late and then an amendment is submitted then a fine ranging from €100-€500 is provided