By submitting an online declaration to the tax office, you no longer need to document financial gifts made to children, parents or grandchildren.
To make it easier for taxpayers to fill out and file returns, writes newsbeast.gr, A.A.Δ.Ε. took over the verification of banking transactions for the transfer of support funds from parents to children and vice versa, without requiring the provision of documents. The audit will be carried out within 60 days after the submission of the declaration based on information from banks on specific transactions. Chapter Α.Α.Δ.Ε. Georgos Picilis explains:
- For declarations submitted through the myPROPERTY app relating to cash donations/parental gifts that are made by transfer of funds or deposit of a bank check between domestic financial institutions or by transfer of funds between a domestic and foreign financial institution, the application of documents confirming the banking transaction is not required.
- In such cases, at the end of each month, the General Directorate of Α.Α.Δ.Ε. prepares summary statements of cash donations/parental benefits that have been declared this month. These statements are sent to financial institutions on the 5th business day after the end of the month with a request to confirm the relevant banking transactions.
- Financial institutions are required to respond to requests within 15 days of receipt of applications.
- The taxpayer must keep the necessary supporting documents until the tax office can draw up a tax calculation report, and present them to the tax office when and if they are requested.
- The competent tax authority receives the digital information immediately after the submission of the declaration of parental gifts, checks the accuracy of the declared information and the existence of any exemption conditions within 60 days after filing.
- If the bank transaction is not confirmed, the relevant department will invite the taxpayer to provide the necessary supporting documents within five business days through the myPROPERTY application. If supporting documents are not provided, then the tax is calculated without taking into account the tax-free threshold.
Georgos Pitsilis points out that initial gift/parental tax returns on movable property or money made on or after 01/01/2022, for which a notarial deed is not prepared, are submitted electronically through the myPROPERTY application of the unified digital government portal (https://myproperty.aade.gov.gr):
α) Declarations subject to the tax scale
Initial tax returns on gifts/receipts from parents of movable property (including but not limited to cars, company shares, listed or unlisted shares, works of art, etc.) to beneficiaries of all categories of the tax scale. Also initial tax returns for gift/donation tax on funds transferred to category A beneficiaries of the tax scale through transfers between financial institutions.
In the above returns, the parties (donor or parent, donor or child) are natural or legal persons who are already registered in the tax register and are certified users of Α.Α.Δ.Ε e-services.
b) Declarations with independent taxation
Initial tax returns for gifts of money from parents, other than those specified in paragraph a), with the parties (donor or parent, giftee or child) natural or legal persons who are already registered in the tax register and are certified users of electronic services Α.A.Δ. E.