Greece has recently implemented Law 5073/2023, which came into effect on 11th December 2023. This new law replaces the previous provisions for fines related to tax violations, aiming to streamline and enhance the country’s tax system. The fines outlined in the law vary depending on the nature of the violation and the taxpayer’s accounting obligations, ranging from EUR 100 to EUR 2,500. However, it is worth noting that there are exceptions to the imposition of fines in certain specific situations. For instance, fines will not be imposed for the late submission of amended VAT or withholding tax returns, nor for late income tax returns if the tax amount does not exceed EUR 100. This information has been sourced from Orbitax, a reputable tax news and analysis provider.
Law 5073/2023 represents a significant step towards improving tax compliance in Greece. By replacing the previous provisions for fines, the government aims to simplify the tax system and encourage taxpayers to fulfill their obligations in a timely and accurate manner. The fines outlined in the law are designed to serve as deterrents and penalties for non-compliance, ensuring that taxpayers understand the importance of adhering to tax regulations.
Under the new law, fines will be imposed for various tax violations, including the late or incomplete submission of tax declarations and failure to cooperate during a tax audit. The specific amount of the fines will depend on the nature of the violation and the taxpayer’s accounting obligations. For minor infractions, such as a late submission of amended VAT or withholding tax returns, no fines will be imposed. Similarly, if the tax amount for late income tax returns does not exceed EUR 100, no fines will be levied.
It is worth noting that the implementation of Law 5073/2023 is expected to have a positive impact on tax compliance in Greece. By introducing clear guidelines regarding fines for tax violations, the government aims to create a more transparent and fair tax system. This, in turn, will contribute to the overall improvement of the country’s fiscal health and the effective collection of tax revenues.
Taxpayers in Greece are advised to familiarize themselves with the provisions outlined in Law 5073/2023 to ensure compliance with the new regulations. By understanding their obligations and the potential consequences of non-compliance, taxpayers can avoid unnecessary fines and penalties. Seeking professional advice from tax experts or consulting the relevant authorities can also provide valuable guidance and support in navigating the intricacies of the tax system.
In conclusion, Greece has recently enacted Law 5073/2023, which replaces the previous provisions for fines related to tax violations. The fines range from EUR 100 to EUR 2,500, depending on the violation and the taxpayer’s accounting obligations. However, certain specific situations, such as late submission of amended VAT or withholding tax returns, or late income tax returns with a tax amount not exceeding EUR 100, will not incur fines. This new law is expected to enhance tax compliance in Greece and contribute to the improvement of the country’s fiscal health. Taxpayers are encouraged to familiarize themselves with the provisions of the law to ensure compliance and avoid unnecessary penalties.