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Greece: New Tax Assessment System with Penalties for Late Submissions
Greece's AADE can now issue tax assessments based on available data if tax returns are not submitted by July 15th, imposing penalties for late submissions and offering early submission bonuses; organizations failing to provide timely data face fines.
- What are the long-term implications of this new system for tax compliance and efficiency in Greece?
- The AADE's ability to issue estimated tax assessments based on available data creates a system where timely submission is crucial. This impacts not only individual taxpayers but also organizations responsible for providing timely data, facing penalties for delays or inaccuracies. This new process streamlines tax collection but increases the importance of data accuracy and timely submissions.
- What are the immediate consequences for Greek taxpayers who fail to submit their tax returns by the July 15th deadline?
- The Greek Independent Authority for Public Revenue (AADE) can issue tax assessments even a day after the tax declaration deadline if taxpayers fail to submit their returns on time. The tax will be determined based on the information available to the tax authorities. This assessment can be based on the taxpayer's living standard, professional or business activity, or similar activities.
- How does the new system of estimated tax assessments affect both individual taxpayers and organizations responsible for providing data to the tax authorities?
- This new provision in the Income Tax Code allows the AADE to issue estimated tax assessments using available data if a tax return is not submitted on time. This impacts taxpayers who miss the July 15th deadline, potentially leading to an estimated tax assessment. However, submitting a late tax return, with surcharges, automatically cancels the assessment.
Cognitive Concepts
Framing Bias
The framing is largely neutral, focusing on the practical implications of the new tax laws. While the text emphasizes the penalties for late submissions, it also highlights the benefits of early filing and the automated pre-filled tax returns, presenting a balanced perspective on the different scenarios taxpayers might face.
Sustainable Development Goals
The new tax regulations aim to ensure fairer tax collection by implementing measures to address tax evasion and improve tax compliance. This can indirectly contribute to reduced inequality by ensuring a more equitable distribution of tax burden and potentially increasing government revenue for social programs. The penalties for late submission and inaccurate data transmission aim to deter non-compliance, promoting a more level playing field.