Income tax in the United States

A study on the level of chargeable income tax is in progress, as part of the tax reform in Cyprus, President Nikos Christodoulides said on Thursday.

Taxpayers who choose to pay the total amount of their income tax dues this year in one lump sum by July 31 will secure a 3% discount, according to the amendment the National Economy and Finance Ministry submitted in Parliament.

Bulgarian MPs have greenlit a significant shift in consumer rights, deciding that individuals won't be obliged to pay for goods or services if they haven't received a proper receipt. This groundbreaking decision alters the landscape for customers who previously had little recourse if they didn't receive a receipt.

The Independent Authority for Public Revenue is proceeding with the automatic issuance of Tax Registration Numbers (AFM) to dependent children over the age of 12, while in a second phase AFMs will be granted to all minors from the age of 12 months (as they will have to be declared by the parents in the tax return).

With the final deadline for submission of income tax statements at 3 p.m. Thursday, tax authorities announced that additional tax payments - beyond tax withheld at source, mostly for salaried employees and pensioners - was 12.5% higher than last year.

Finalized data on revenue for the first seven months of the year show that it exceeded the target set in the 2023 budget by €2.246 billion, or 7.1%, as VAT and income tax receipts exceeded expectations.

Once all income tax declarations are in, by August 31 at the latest, authorities will focus on those taxpayers who have not filed returns over the past five years.

With two weeks to go before the final extended deadline to submit income tax forms - noon on Thursday, August 31 - 5,945,364 of the about 6.5 million taxpayers, or slightly over 9 out of 10 (91.5%) have submitted their declarations so far, the Independent Public Revenue Authority (AADE) says. 

The deadline for the filing of income tax returns for 2022 has been extended to August 31, following the passing of an amendment in parliament.

However, the payment deadline for the first tax instalment remains July 31. In effect, this means that taxpayers who submit their returns by the new deadline will have to pay two instalments in one month (those for July and August).

Why do most tax revenues in Greece come from indirect taxes? Because the state collects more tax from a 150-euro supermarket receipt than it does annually from 3.2 million households.

Out of a total of 9 million taxpayers, 800,000 pay two thirds of the taxes. Salary workers and pensioners declare 72% of total income and pay 65% of taxes.