Standard mechanism for tax payment to rise to 24 tranches

The new framework for the standard arrangement of dues to the tax authorities, currently under discussion between Finance Ministry officials and the creditors' technical staff, provides for more installments and stricter criteria for eligibility.

The government's proposal may secure a greater number of tranches than the current standard settlement mechanism of 12 for debts from regular taxes and 24 from extraordinary obligations, but the country's creditors are insisting on the introduction of income criteria for debtors to secure the maximum number of installments.

Sources say the government's plan provides for the payment of regular debts (from income tax, property tax or value-added tax) in 24 tranches (down from 36 in the original blueprint) and the repayment of extraordinary dues (such as inheritance tax) in up to 48 installments under certain conditions related...

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