The extension deadline for submitting tax returns expires at midnight tonight, with taxpayers who have received debit settlement notices required to pay additional income tax by July 31st.
Payment can be made either as a lump sum (with a discount of 2% to 4%, depending on when the return was submitted) or in eight monthly installments (with the 1st installment due by July 31st).
Additional alternative solutions for those unable to pay the tax in eight monthly installments are as follows:
–Via credit card, in up to 12 interest-free installments. If payment is made by July 31st, there will be a 2%-4% discount depending on the submission date of the return (the 4% discount applies to those who submitted their return by April 30th).
–Through the Tax Authority’s permanent arrangement. The debt can be arranged in up to 24 monthly installments, which however carry interest. For up to 12 installments, the interest rate is 4.34%. For 13 to 24 installments, the interest rate rises to 5.84%.
Read: Tax returns: Explosion in extra tax and new burden record for employees and freelancers
Tax returns: The breakdown from settlements – How many taxpayers must pay and how many are entitled to refunds
It should be noted that from the settlement of 6,629,328 tax returns so far, the following emerges:
-Total tax from debit settlement notices amounts to €4.719 billion (from €4.571 billion last year). The average additional tax for 2,301,039 taxpayers stands at €2,051 (from €1,993 last year). This increase is attributed on one hand to the adjustment of employee and pensioner salaries, and on the other hand to the presumptive system for calculating minimum income for freelancers and self-employed individuals.
-For 1,449,834 taxpayers, or 21.87% of total tax returns, the settlement is in credit. The total refund amount reaches €563.366 million or €388.5 on average.
-Zero-balance returns account for 43.42% of the total, or 2,878,454 settlement notices.
