26/10/2004 14:02
“The convergence in the views between the MPs and the Finance Ministry will allow the promotion of the legislative regulation for the elimination of tax evasion”, Finance Minister, Makis Keravnos stated on Tuesday after the meeting of the House Finance Committee.
The major issue of discussion concerned the amendment of the Tax Collection Law, an ambition that will make the “equal tax treatment” of the citizens feasible. According to the Finance Minister, the bill provides for the compulsory keeping of books by the self-employed, whose turnover exceeds £25 thousand. Both the Minister and the Manager of the Inland Revenue Department, Giorgos Poufos appeared willing to accept the amendment. Although the governmental proposal does not provide for the introduction of receipt books, this possibility has not been excluded.
“A civil servant submits the amount of £1,670 to the Income Tax per annum, which corresponds to 37 days of work. A self-employed, on the other hand, submits only £400 to the Income Tax per annum, which corresponds to 9 days of work”, Mr. Poufos said.
Certain MPs referred to the additional cost for the self-employed from the keeping of books. DIKO MP, Zacharias Koulias said that the self-employed who receive £25 thousand per annum will not be able to bear the additional burden. Mr. Poufos said, however, that the companies with a turnover of more than £9 thousand must keep books due to the VAT. The additional cost will, therefore, increase by 10% or 20%.
AKEL MP, Yiannos Lamaris also expressed his reservations on whether the provision for the elaboration of the tax returns by the employers on behalf of the taxpayers is in line with the legislation for the protection of data. The IRD Manager assured the MP that the bill will give the opportunity to the employee to take advantage of the ability to calculate his taxable income.
On the question made by DISY MP, Maria Kyriakou whether the existing legislation allows the conduct of an inspection, Mr. Poufos said that the legislation does not provide for the submission of any information concerning the turnover or the profits from the operations of the self-employed but the payment of taxation based on the taxable income.
EDEK MP, Marinos Sizopoulos submitted a number of proposals, which were welcomed by the Finance Minister. These proposals concern the provision of incentives to the taxpayers, the right to submit revised data, the introduction of certain procedures in case of a controversial taxation etc.
The major issue of discussion concerned the amendment of the Tax Collection Law, an ambition that will make the “equal tax treatment” of the citizens feasible. According to the Finance Minister, the bill provides for the compulsory keeping of books by the self-employed, whose turnover exceeds £25 thousand. Both the Minister and the Manager of the Inland Revenue Department, Giorgos Poufos appeared willing to accept the amendment. Although the governmental proposal does not provide for the introduction of receipt books, this possibility has not been excluded.
“A civil servant submits the amount of £1,670 to the Income Tax per annum, which corresponds to 37 days of work. A self-employed, on the other hand, submits only £400 to the Income Tax per annum, which corresponds to 9 days of work”, Mr. Poufos said.
Certain MPs referred to the additional cost for the self-employed from the keeping of books. DIKO MP, Zacharias Koulias said that the self-employed who receive £25 thousand per annum will not be able to bear the additional burden. Mr. Poufos said, however, that the companies with a turnover of more than £9 thousand must keep books due to the VAT. The additional cost will, therefore, increase by 10% or 20%.
AKEL MP, Yiannos Lamaris also expressed his reservations on whether the provision for the elaboration of the tax returns by the employers on behalf of the taxpayers is in line with the legislation for the protection of data. The IRD Manager assured the MP that the bill will give the opportunity to the employee to take advantage of the ability to calculate his taxable income.
On the question made by DISY MP, Maria Kyriakou whether the existing legislation allows the conduct of an inspection, Mr. Poufos said that the legislation does not provide for the submission of any information concerning the turnover or the profits from the operations of the self-employed but the payment of taxation based on the taxable income.
EDEK MP, Marinos Sizopoulos submitted a number of proposals, which were welcomed by the Finance Minister. These proposals concern the provision of incentives to the taxpayers, the right to submit revised data, the introduction of certain procedures in case of a controversial taxation etc.
Related Articles
LATEST NEWS
24/04