New law regarding the settlement of overdue taxesnconstantinou
As from 3 February 2017, taxpayers are able to settle their overdue taxes in equal instalments as follows:
- 54 instalments for overdue taxes not exceeding 100,000 Euro with a minimum instalment of 50 Euro per month
- 60 instalments for overdue taxes not exceeding 100,000 Euro with a minimum instalment of 1,852 Euro per month
The provisions of the law are applicable for the following:
- Income tax law
- Special defence contribution law
- Capital gains tax law
- Immovable property tax law
- Stamp duty law
- VAT law
- Inheritance tax law
Once the Tax Department and the taxpayer reach an agreement to settle the overdue taxes in instalments, no new interest and penalties will accrue and no criminal proceedings will commence provided that the taxpayer meets his/hers obligations.
The Law will be modified in the near future in order to provide a relieve on interest and penalties already imposed on overdue taxes which will benefit the taxpayers by agreeing to settle the overdue taxes in instalments.
Please contact us for further information or assistance on completing and submitting your application to the Tax Department