Tax declarations: With which codes you get discounts and exemptions – 2024-03-01 23:42:15

The electronic portal of the Independent Public Revenue Authority (AADE) for tax declarations is expected to open in March.

Taxpayers are advised to pay attention to a number of codes that hide tax credits and exemptions.

For these taxpayers, the codes of the E1 form will be pre-filled and all they will have to do is check the details of the declaration.

For example, by answering with a “YES” to some of the questions in table 2 of the tax return they will manage to “deflate” or even zero out the tax account.

The SOS points

The points that taxpayers should focus on to secure tax credits are as follows:

1. Those who submit a declaration with income from business activity for the first time should fill in the code 327-328 of the E1 in order to calculate the advance tax reduced by 50%.
2. Taxpayers who have reached the age of 70 and those who live permanently in villages with a population of up to 500 inhabitants and on islands with a population of less than 3,100 inhabitants, unless they are touristic places, should not forget to fill in the code 023 -024 to exempt them from covering 30% of their income with electronic receipts
3. New job seekers should fill in code 017-018 to get a 50% cut on the minimum tax rate. That is, the rate from 9% is reduced to 4.5% on the condition that the annual gross income derived from the business activity was up to 10,000 euros in 2023.
4. Taxpayers who are paid with a “block” will have to declare it to get a tax deduction that can reach up to 777 euros for each single person without dependent children, up to 810 euros for each married parent with one dependent child, up to 900 euros for each married parent with two dependent children and up to 1,120 euros for each married parent with three dependent children.
5. Those who carry out business activity in a commercial capacity and were born up to 31-12-1961 should declare it in order to be automatically exempted from the pretense fee.
6. Insurance contributions paid in 2023 by employees to compulsory insurance organizations to buy up insurance time (e.g. military service time) reduce taxable income from employment. In order to ensure this reduction, each employee should enter the amount of contributions he paid for redemption in the corresponding code.
7. Amounts that are not considered income are also exempt from income tax and at the same time cover an added income difference due to presumptions. This category includes, among others, income from the sale of real estate (minus the costs of acquiring the real estate), income from the sale of other assets, one-off benefits from insurance funds, monetary compensation for moral damage, income from loans, inheritances, donations or parental benefits of monetary amounts , winnings from lotteries, PRO-PO, LOTTO, JOKER, PAME BET, the welfare benefits granted by OPECA to people with disabilities, the special purpose compensations paid in 2023.