Approximately 40% of the total processing of Individual Income Declarations (T.F.1) without accounts, for the tax year 2023, has been completed through the Taxisnet system, compared to last year's submission, according to Tax Commissioner, Sotiris Markides. He added that 105,000 taxpayers have definitively submitted their declarations.

At the same time, regarding the on-site inspections conducted by the Tax Department to confirm or deny the use of residences by applicants for a reduced VAT rate of 5% for the purchase/construction of a residence, he mentioned that over 1,000 inspections have been conducted and procedures for recovering an amount of VAT exceeding €4 million have been activated.

Specifically, in relation to the submission of tax declarations, Mr. Markides said that as of Monday, 5/8/2024, approximately 121,000 taxpayers have processed their declarations.

"Of these, around 105,000 taxpayers have definitively submitted their declarations, and about 16,000 have processed their declarations and have them in provisional receipt," he added.

The Tax Commissioner stressed that "for the declaration to be considered submitted, it must be definitively submitted" and urged the public to ensure they have definitively submitted their declaration, "to avoid unpleasant consequences such as a financial penalty of €100 and a notice for failure to submit the declaration with the corresponding consequences."

Mr. Markides encouraged the public that "if they are not waiting for any certificates to submit their declaration, they should proceed with the definitive submission and not wait until the deadline."

He also noted that the deadline for submitting the Individual Income Declaration without accounts for the tax year 2023 is October 31, 2024.

Furthermore, the Tax Commissioner mentioned that "a compliance campaign with on-site inspections is underway to confirm or deny the use of residences by applicants for a reduced VAT rate of 5% for the purchase/construction of a residence."

"On-site inspections have already begun, and teams of Tax Department officers have already conducted the first inspections, with the total number of inspections estimated to exceed 2,000", he emphasized.

More specifically, Mr. Markides said that so far, more than 1,000 on-site inspections have been conducted, during which "about 5% were found to be occupied by non-eligible persons, and procedures for recovering an amount of VAT exceeding €4 million have been activated."

He noted that in a large percentage of on-site inspections of residences, no residents were found.

"The increase in tax compliance of applicants for the reduced VAT rate of 5% seems to have been achieved through the recovery of the owed VAT amount in the previous two years and consequently the public's awareness," he emphasized.

Mr. Markides urged the public, "if either from the beginning or along the way they have changed the use of the residence and are not an eligible person, to voluntarily come forward and pay the owed VAT amount either in one lump sum or by arrangement in monthly installments."