Filenews 6 August 2024
The total processing, through the Taxisnet system, of Individual Income Declarations (T.F.1), without accounts, for the tax year 2023 has risen to about 40%, compared to last year's filing of returns, said the Commissioner of Taxation Sotiris Markides, adding that 105,000 taxpayers have submitted their Final Return.
At the same time, regarding the on-the-spot checks carried out by the Tax Department for the confirmation or not of the use of houses by applicants for a reduced VAT rate of 5% for the purchase/construction of a house, he said that more than 1,000 checks have been carried out and the procedures for the recovery of an amount of VAT over €4 million have been activated.
Specifically, in relation to the submission of tax returns, Mr. Markides said that until Monday 5/8/2024, approximately 121,000 taxpayers have processed their Return.
"Of these, about 105,000 taxpayers have submitted their Final Return and about 16,000 have processed their Return and have it Provisionally Received," he added.
The Commissioner of Taxation stressed that "in order for the return to be considered submitted, a Final Submission must be made" and invites the public to make sure that they have submitted their return definitively, "in order to avoid unpleasant consequences, such as a charge of €100 and notice for failure to submit a return with the corresponding consequences".
Mr. Markides urged the public to, "if they are not waiting for some certificates for the submission of their declaration, to proceed with the Final Submission and not wait until the deadline".
He reminded that the deadline for filing the Declaration of Income of an Individual, without Accounts, for the tax year 2023, is October 31, 2024.
Compliance Campaign with reduced VAT rate of 5%
Besides, the Commissioner of Taxation said that "a compliance campaign is underway with on-the-spot checks to confirm or not the use of houses by applicants for a reduced VAT rate of 5% for the purchase/construction of a house".
"On-the-spot inspections have already begun and teams of Tax Department officers have already carried out the first checks and the total number of inspections is estimated to exceed 2,000," he underlined.
More specifically, Mr. Markides said that so far more than 1,000 on-the-spot checks have been carried out, during which "about 5% were detected to be inhabited by non-eligible persons and recovery procedures have been activated for an amount of VAT, over €4 million".
It noted that no residents were identified in a large proportion of on-the-spot checks at residences.
"The increase in tax compliance of applicants for a reduced VAT rate of 5% seems to have been achieved through the recovery of the amount of VAT due in the previous two years and consequently the information of the public," he underlined.
Mr. Markides urged the public, such as "in the event that either from the beginning or in the course of the process has changed the use of the residence and is not a beneficiary person, to come voluntarily and pay the resulting amount of VAT, either in a lump sum or by settlement in monthly instalments".
