Deductions and exemptions
Taxpayers should focus on the following field codes in order to get tax deductions:
1) First-time taxpayers with income from business activity should fill in the field under code 327-328 of the E1 form so that the tax due in advance is calculated with a 50% discount. Note that the advance payment is halved for those who declare income of domestic or foreign origin from business activity for the first time.
2) Taxpayers who have reached the age of 70 , as well as those who permanently reside in villages with a population of up to 500 or on islands with a population of less than 3,100 inhabitants, with the exception of tourist destinations, should not forget to fill in the field under code 023-024 in order to be exempted from carrying out payment of expenses by electronic means of payment.
3) Those who carry out business activity and are insured with e-EFKA (former OGA) should fill in the fields under codes 021-022, in order to calculate the tax reduction for the amount of their income derived from agricultural activity.
4) Professionals who have filled in the fields under codes 045-046 are exempted from the minimum net income or are entitled to a proportional reduction of imputed income if they engage in an activity for a limited period of time under legislative or regulatory arrangements (e.g. school canteens).
5) The fields under codes 047-048 are for those professionals who are entitled to a 50% discount on the minimum imputed income.
The clearance of the tax return may result in an obligation to pay (debit balance) or the right to a tax refund (credit balance). The tax is paid in eight equal monthly instalments. If you’d rather not handle this on your own, you can hire an accountant, who will fill in and submit your tax return for you for a fee, on time, so that you won’t have to worry about incurring a fine for late submission.
Sources:
IAPR, REPORT ON DEVELOPMENTS AND CHANGES IN REVENUES FROM TAXATION
IAPR Instructions, Instructions on filling in tax return forms for natural persons
