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Economy

Greek Gov’t to Table New Installment Plan for Tax, Insurance Obligations in July

ATHENS – An emergency plan for the repayment of outstanding debts accrued during the coronavirus pandemic in 12 interest-free or 24 low-interest payments will be tabled in parliament in July, according to Finance Ministry data.

The interest on the 24-installment plans is expected to be close to 2.5 pct, lower than that of current plans.

In addition to these aids for repayments of obligations, the new plan will include a greater number of installments for this year's income tax (both for individuals and legal entities) and insurance payments, and will provide a 2-pct discount for the one-time payment of income tax.

In terms of dates, the 12 or 24 installments will go into effect as of January 1, 2021 and include all debts suspended since March 2020, when the pandemic broke out in Greece. Their total exceeds 3 billion euros and includes all insurance contributions that were not paid, which will also be eligible for repayment under the above scheme.

Currently, all obligations incurred since March have been suspended through October, a date expected to be extended to December 31.

The entities eligibe for the tax and insurance obligation payment plan includes the following categories: businesses that had to suspend operations by government order, businesses, independent business people and self-employed who are now affected by the coronavirus crisis and listed under the relevant catalog, employees whose jobs were temporarily suspended, and owners of properties whose revenue from rentals (private or business) have droppped by 40 pct.

The government is expected to set up a platform for applications before the new year.

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