The countdown for the opening of the electronic platform for submitting tax returns for 2024 has already begun.
Within the next week, the tax bill, which is already pending approval in the Parliament’s Plenary Session, will become state law, followed by necessary actions to commence the submission of tax returns during the last 10 days of the month.
This year features two significant differences compared to last year. The first concerns the implementation of a new taxation system for over 700,000 self employed, alongside the introduction of automated submission of tax returns for over 1 million employees and retirees.
The Independent Authority for Public Revenue has accelerated the processing of new tax forms, and the issuance of relevant decisions to clarify the new landscape is expected to be completed by the following week or at the latest in the beginning of the subsequent week. This aims to have the platform open before the May Day weekend, allowing taxpayers to commence their submissions.
The two main innovations
The first innovation this year is that retirees and employees will not need to complete or submit their tax return, as the authority will handle it for them, simultaneously issuing the Tax Account.
Moreover, a large number of self employed will pay half or even zero business tax this year, with the latter becoming null from next year onwards.
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Additionally, self-employed individuals and individual businesses will have automatic income calculation by the authority, which has calculated the verifiable incomes based on changes in the tax framework for 700,000 professionals.
The most significant aspect is that the amounts of verifiable incomes will be pre-filled in the tax return.
Finally, those who believe that the verifiable income approach is unfair will have the opportunity to dispute the tax by filing an objection through a new platform being developed by the competent authority.