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What are the tax cuts to businesses and individuals in the Budget 2020

How will the government implement commitments. Developmental and social measures, to enhance the development, reducing over-taxation and the support of citizens' disposable incomes includes the budget for 2020….

"Package" development and social interventions 1,181 billion. It includes the state budget 2020 yesterday tabled in Parliament by the government. The cost of this "package" will be compensated, not with new taxes, but with equivalent interventions that will improve the budget balance, as they will bring in additional revenue treasuries 1,189 billion. euro.

All tax cuts included in the new state budget, and financial assistance will be included in the new tax bill will take the road to the House, barring unforeseen, next week.

With the new budget the government proceeds substantially in the immediate implementation of all the commitments entered into election, but the prime minister to step TIF and have primary relief on low and medium incomes, while succeeds neutral fiscal balance breaks – interventions.

This is because the "black hole" that will open on revenue from relief to natural and legal persons will end with the new e-trading system that applies to all taxpayers and all income, which will take effect from the beginning of 2020 and accompanied with an increase in 30% the e-costs.

Towards this will also help even the extension of the objective system for determining the value of real estate almost about 7.000 areas of the country, and the rationalization of the system will lead to the more objective equation with real market prices, accelerating the settlement of tax disputes, and increasing the collectability of revenue from real estate, especially by Airbnb.

Only by combating tax evasion and broaden the tax base through measures to promote e-transactions, the Minister. Finance expects that the proceeds will be strengthened by 557 million. euro.

Simultaneously, by broadening the tax base and increase revenues collectability of real estate, through new forms of scrutiny on Airbnb (60 million.), and the rationalization of real estate securities identification system (142 million.), expected to flow 202 million. euro, while the speed of resolving tax disputes will bring additional 50 million. euro.

Yet 73 million. euro will flow and the expected increase in revenue from online games.

Another important role to close any "gaps" in the implementation of tax cuts will have:

*restricting sub-executing operating and other expenses with adjustment of expenditure ceilings in the regular budget, 500 million. euro,
*Restructuring of PIB to enhance the co-financed part, 170 million. euro,
*the substantial overview General Government expenditure and revenue bodies, which will bring increased revenues by General Government 134 million., and reduce costs by 50 million. euro,
*improved efficiency General Government bodies, 123 million. euro.

The "package" of concessions

On the other hand The relief package is brave, after, including, including lower tax rates for individuals and legal entities, suspension of VAT on construction, as capital gains tax, reduction of social security contributions, and the taxation of dividends. particularly, includes:

Family and birth rates:

*Grant amount allowance 2.000 euros for each child born from 1 January 2020, with extremely enlarged income criteria covering at least 90% of families.
*Transition to a low VAT rate of 13% of formulas and types of safety helmets.


*Reduction of the income tax rate in the 9% and increase the tax free for each child.
*Reduction of contributions workers full time by approximately a base unit.


*Reduction of income tax legal persons from 28% in the 24% from using 2019.
*Reduction of taxation of profits to be distributed in 2020 from 10% in 5%.

Building activity:

*Suspension of VAT on new buildings for 3 years of real estate capital gains tax.
*Back part of the costs for renovations, energy, aesthetic and functional upgrades buildings paid by electronic payment instruments, which will not result in additional financial burden on the Budget 2020.

financial interventions

Efficient and less costly state:

*Active adjustment of the limits of the regular budget expenses, in order to reduce the under-presented in previous years and creating fiscal space to alleviate the tax burden of citizens.
*Establishment of a new Special Reserve 300 million. to serve the increased uncertainty costs relating mainly to education sectors, health, welfare, civil defense and security. The Special Reserve is used to systematically strengthening ministries throughout the year.

Remodeling Public Investment Program:

*Transport 250 million. the national component co-funded, enhancing the expected development benefits, due to the higher co-financed part of the multiplier, creating fiscal benefit on the 170 million. euro.

Overview of expenditure and revenue and increase general government effectiveness:

*Overview of expenditure and revenue in order the services provided by the operators of the General Government to have greater reciprocity for citizens. particularly, the expenditure and income survey covers more than 20 specific actions in areas such as eisitiriodiafygi, optimizing municipal revenue collection methods, energy savings, the electronic transfer of documents, the use of public buildings etc.. It also improves the efficiency of spending and OAED programs.

Combating tax evasion:

*Fighting tax evasion, reducing the gray economy and broaden the tax base, It is a prerequisite to further reduce the tax burden on citizens that are consistent with their obligations. Strengthening electronic transactions is demonstrably the most effective measure in this direction. That’ this purpose institutionalized higher rate 30% when spending tax return by electronic payment instruments.

particularly, based on the government's plan, the New Year will all change as e-costs are disconnected from the tax-free in the hunt all taxpayers put, after all incomes, from’ all sources, and added the 30% the total income should be covered by electronic payments.

Taxpayers will not be able next year to gather electronic evidence equal to 30% of their income or at least evidence amounting 20.000 euro for those with income 67.000 euro or more will be faced with paying extra tax 22% the amount of e-evidence that missing.

*Setting the electronic gaming market via interface electronics and tax systems, which will lead to tax compliance and revenue growth.

Increased revenue from property:

*The adjustment of objective values ​​based on actual values, will help increase the level of revenue to properties of specific regions of the country that now the level of objective values ​​are quite low compared to the market value, and in areas of the country with very high real estate value (luxurious resort areas), until now not taken into account. This intervention will allow for further reduction of burdens on citizens who paid disproportionately high property taxes.
*The strengthening of controls on short-term platforms lettings (B.C. Airbnb), will contribute positively to the increase in tax revenue.
Accelerating resolution of pending tax disputes to administrative courts:
*The rapid settlement of tax arrears of citizens, will help to increase State Budget revenues, and to relieve the administrative courts.

Intersection E9 and electricity bills

Measures to increase municipal revenue by 134 million. includes euro, including, The "package" of interventions to improve the budget balance which provides the state budget 2020.

According to what is stated in an analytical section of the report, increasing municipal revenues by 134 million. euro will emerge from "Optimal use of fees for real estate" through the following actions:

1) Intersection and verifying the data necessary for the correct calculation of income from cleaning fees and lighting and other property charges to items carried at TAXIS (mainly E9). According to reports, will cross-check the information on square meters of buildings that have been declared by the citizens in the forms E9 with corresponding data captured on electricity bills through which municipal taxes levied. In many cases it is found that the surfaces of real estate declared in E9 is greater than indicated in the current accounts, municipal taxes will be adjusted but not retroactively for the past five years. The increase in municipal revenues from the implementation of this action within the 2020 expected to reach 111 million. euro.

2) Increased revenue from enforcement parepidimounton charges on gross business revenue, through simplification of the applicable procedure and the submission of statements of those charges simultaneously with the submission of tax returns Value Added (VAT). With the planned reform achieved a substantial reduction in the relative administrative burden for debtors, together with the improvement of the corresponding results. The expected yield of the measure for the 2020 estimated at 23 million. euro.

Based on the data of the new state budget 2020, net income on an accrual basis, after deduction of tax refunds, estimated to be in 54,710 billion. euro, increased by 448 million. euro or 0,8%, against estimates 2019. In detail:

*Taxes on goods and services: Projected to collected revenue amounting 28.557 million. euro, increased by 637 million. euro or 2,3% against estimates 2019. particularly:

*the VAT revenues are expected to reach 18.276 million. euro, increased by 475 million. euro against the estimates 2019, and
*excise duties provided for in 7.214 million. euro and increased by 89 million. euro against the estimates 2019.

*Taxes and duties on imports: provided revenue 322 million. euro, increased by 18 million. euro against the estimates 2019.
*Regular property taxes: Expected to be collected revenue amounting 2.829 million. euro, increased by 84 million. euro against the estimates 2019.
*Other production taxes: Provided that revenues will be received 1.130 million. euro, increased by 91 million. euro against the estimates 2019.
*Income tax: Expected to be collected revenue amounting 16.663 million. euro, decreased by 97 million. euro or 0,6% against estimates 2019. particularly:

*the personal income tax is expected to stand at 11.415 million. euro, increased by 323 million. euro against the estimates 2019, despite the reduction in the import duty, as a result of macroeconomic effects (increase in compensation of employees, and employment growth) due to economic growth, and
*the corporate income tax is expected to decrease throughout 446 million. euro against the estimates 2019 and stand at 4.017 million. euro, due to the lower tax rate in 24%, and the tax on dividends in 5%.

*capital taxes: Is forecast at 273 million. euro, increased by 8 million. euro against the estimates 2019.

*Other current taxes: Revenue is projected to amount to 2.391 million. euro, increased by 32 million. euro against the estimates 2019.

*transfers: Revenues are expected to rise to 4.592 million. euro, decreased by 248 million. euro against the estimates 2019. From them, how much 251 million. euro will come from transportation efficiencies, because of holding Greek government bonds in the portfolios of central banks of the Eurosystem (facing), and the Bond Purchase Program (SMPs) the European Central Bank (ECB) and the Bank of Greece, ELL+0,57% while not included the amounts expected from ANFAs SMPs and the ESM, which fall under’ year budget recovered after.

*Sales of goods and services: They are collected revenue amounting 687 million. euro, increased by 19 million. euro against the estimates 2019.

*Other current revenue: Estimated to be in 1.806 million. euro, decreased by 508 million. euro against the estimates 2019, because forecasting lower revenues from dividends, of returns from the EU's own resources, and by ESA in adjustments in the national part of the PIP.

*Sales of fixed assets: provided revenue 332 million. euro, increased by 306 million. euro against the estimates 2019, mainly due to the recovery in the year 2020 instead of 2019 the equivalent of the exploitation of the area of ​​the former International Airport Greek.

*tax refunds: The refunds wrongly levied revenue is projected to stand at 4.926 million. euro, reduced by 106 million. euro or 2,1% against estimates 2019.

The personal income tax is expected to stand at 11.415 million. euro, increased by 323 million. euro against the estimates 2019, despite the reduction in the import duty.

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