Taxation in the United Kingdom

Three top parties put spotlight on tax plans

With the pre-election race heating up in Greece, the three largest political parties are seeking to highlight their tax policies.

Frontrunner New Democracy wants an increase in the tax-exemption limit for families with children, the gradual abolition of the fee for practicing a profession ("telos epitidevmatos") and a reduction in documentation requirements.

Tighter noose for tax evasion

The tax administration will target the expenditure declared by the self-employed and freelancers, with the aim of reducing tax evasion and increasing their taxable income.

According to Finance Ministry data, the self-employed have a gross income of 35-40 billion euros per year, while their taxable income is less than 10 times that as it does not exceed €4 billion.

Financial aid for SMEs in tourism

The new cycle of subsidies for tourism investments has begun, only this time it excludes business plans on Mykonos and Santorini.

It includes tax subsidies and other incentives, and depending on the size of the business and the region where the business plan is developed, provides help from 25% to 75%.

Cutting red tape in property transfers

The process of transferring real estate is being gradually simplified with the abolition of certificates and the gradual activation of the electronic system implemented by the Ministry of Digital Governance.

The tax administration has just abolished the certificate on nonpayment of inheritance tax on real estate purchases.

MEPs taxed like any citizen

A 3% discount on the total amount of income tax will once again be available this year to taxpayers who pay it all at once by July 31, according to an amendment to the omnibus bill of the Ministry of Finance.

It is noted that the platform for submitting tax declarations is expected to open on March 30 this year, while the deadline for submitting income tax returns will be June 30.

Cyprus proceeds with pending tax rebates

An intensive effort by Cyprus' Tax Department in recent months has resulted in rebates of over 70 million euros of excess taxes, with an additional €200 million expected to be paid, according to the head of the department, Sotiris Markides.

He emphasized that the Tax Department aims to clear all outstanding corporate and individual taxpayer rebates by the end of 2023.

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