What is the penalty for late filing tax returns?

The deadline for filing tax returns is approaching. Most likely it will not be renewed. What awaits violators?

Sources in the Greek Ministry of Finance say that in order to extend the deadlines for filing tax returns no prerequisites. On Friday, July 29, at 15:00, the deadline for citizens to submit their income declarations to the tax authorities ends. The number of non-filed declarations is currently 1.6 million – out of a total of 6.4 million declarations, 4.741 million have already been submitted. And this means that just over 100,000 declarations must be submitted daily, which the ministry calls quite feasible.

Late taxpayers face a fine of 100 to 500 euros. Interest will also be charged if the penalists do not hasten to pay off the state. Under current Greek law:

1. If a taxpayer fails to file or submits late a tax return that does not give rise to a tax liability, then a fine of 100 euros is imposed on him.
2. If a tax liability arises as a result of filing a late return, the taxpayer, if he is not an entrepreneur or self-employed person, is subject to a fine of 100 euros.
3. If the taxpayer is an entrepreneur or self-employed person, and the late submission of the declaration results in a tax liability, then a fine of 250 euros is imposed if the taxpayer keeps simple bookkeeping.
4. If the taxpayer is an entrepreneur or self-employed person and a late tax return results in tax arrears, the tax authority will impose a fine of 500 euros if the taxpayer keeps double-entry books.

If the deadline for payment has expired, the tax authority will also charge the taxpayer a penalty interest for late payment, which will be charged on the tax received as a result of the refund, at a rate of 0.73% for each month that has elapsed from the date of the tax payment deadline to the date of submission of the overdue declaration , reports newsbeast.gr.

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