There is a brave reduction in tax advance

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The government has decided to bravely reduce the advance tax on all professionals and businesses, in an effort to give liquidity to all those affected by the pandemic and even at the risk of being “locked up”.

Reducing the rate of advance payments, from the current 100% level, is one of the tax measures the government is going to implement to boost affected businesses.

The financial staff seems to be unlikely to rule out a horizontal cut for all companies due to high budget costs. This year’s budget provides for the collection of 2 billion euros.

There is a brave reduction in tax advance

As Prime Minister Kyriakos Mitsotakis characteristically said, “the tax advance is finally being reduced. Indeed, it is unfair to be called upon to prepay taxes on the basis of any profits in one year, when they – especially this year – will be much less.

For his part, Finance Minister Christos Staikouras said that in order to reduce the advance tax, for companies that will show a decrease in turnover in March, April and May, cumulatively more than one per cent, a reduction in the advance payment of tax will be required. of 2020 for 2021, by a percentage.

“The percentage will be determined in July, based on the turnover data that the companies have submitted for the previous period,” he said.

The Prime Minister announced, among other things, that in May the second phase of the refundable advance will be launched for companies that did not meet the criteria required in the first stage.

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