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Tax Deduction on Rental Reduction: Errors in 200.000 Statements for rent reductions - What landlords should do

About 200.000 homeowners, which during the months of March - August 2020 were forced to collect reduced by 40% the rents they had agreed with their tenants, failed to secure the tax deductions they are entitled to……..

The reason is that when filling out online lease statements and income loss statements due to forced rent reduction (of Covid statements), which they submitted to the Independent Public Revenue Authority, via Taxisnet, made serious mistakes or omissions, due to which it was not possible to calculate the discounts. Hence, to these owners the whole of his ENFIA was assured 2020, without any reduction due to calculation of tax deductions based on Covid declarations.

update
AADE identified the errors and omissions, when processing the statements of the specific owners, and issued an information announcement yesterday. As mentioned in the announcement, «From the processing of Covid declarations and the Real Estate Lease Information declarations for the months of March - August 2020, a number of cases with errors or omissions were found, as well as cases for which clarifications are required from the interested parties ". Based on what is pointed out in the same announcement, the number of taxpayers who made mistakes and omissions is about 200.000. These owners, as noted by AADE, "They will receive instructions on their Taxisnet account to correct any errors or omissions and to benefit from the tax deduction".

Omissions
The cases of errors and omissions identified by AADE mainly concern the following:

* Submission of Covid declaration, without a lease agreement in force, based on the submitted information statements.

* Dispute between monthly rent and initial amount of Covid declaration.

* Failure to complete the Covid declaration of the type of lease (B.C. professional).

also, as pointed out by AADE, "Clarifications will be sought in cases of discrepancies identified in Covid declarations submitted by more than one co-owner". The aim is for the discount corresponding to the total monthly rent not to be calculated at 100% for each of the co-owners, but be limited to, for each co-owner, be proportional to its percentage of co-ownership. B.C. in monthly rent 1.000 euro which was necessarily reduced by 40%, ie 400 euro, and concerns a property 4 co-owners, each of which the percentage of co-ownership is 25%, the tax deduction, which is equivalent to 30% of the amount of 400 euro, that is, by the amount of 120 euro, not apply in full to each of the co-owners and all together be entitled to a discount 480 euro (4 X 120 euro), but to be distributed to each in his share of co-ownership, that is, according to 25%, and be limited to 30 euros per co-owner (120 X 25%).

Posts
AADE will send emails to them 200.000 landlords to notify them of the correction of Covid statement data and Lease Information statements, which they have submitted. Sending messages will start on Monday, 26/10. Once the Covid statements will be resubmitted without errors or omissions, the owners will secure the tax deductions they are entitled to and the amounts of these deductions will be deducted either from the next monthly installments of ENFIA 2020 ending in November 2020, December 2020, January 2021 and February 2021, or from other tax debts that will follow ENFIA.

According to data from AADE, until today, from Covid statements, have been administered to approx 200.000 property owners tax rebates, total height almost 34 million. euro. The amounts of these discounts were deducted in most cases from its ENFIA 2020 confirmed in September.

Voluntary reductions
In the meantime, by decision of the commander of AADE, C. splash (under number A.1230 / 2020), which was recently published in the "Government Gazette", determined the way, the time, as well as any other specific issue for the submission of the Covid declaration, in cases where there has been a reduction in rent at least 30%. Based on what is provided in the decision:

* In case that, upon relevant agreement with the tenant, the rent for the months of September, October, November and December 2020 decreases by at least 30%, in accordance with the applicable provisions for the treatment of the effects of Covid-19 coronavirus, Landlords are required to file a rent change statement (Covid statement) for the months of September to December 2020, where appropriate.

The above statement, original or modifying, submitted by the twentieth day of the month relating to the reduction, with the exception of September and October.

* The Covid statement for the months of September and October with a rent reduction of at least 30%, must be submitted by November 20th 2020.

In order to submit the Covid declaration, the original or amendment statement of Real Estate Lease Information must have been submitted by the above date, which is considered punctual.

The acceptance of the Covid declaration for the months of September and October by the tenants can be done until the 27th of November 2020.

George Palaitsakis – From the printed edition of the Free Press

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