Income Tax
Greece | 2024 income tax filing update
Summary
As of this tax filing season the reporting of a Greek IBAN is mandatory for Greek tax residents and for non-Greek residents who are entitled to a tax refund.
The Detail
The tax system is now live and individuals who have a filing liability irrespective of their tax residence (Greek or non-Greek) as well as their nationality, can prepare and file their personal income tax returns until July 26, 2024. It is noted that the statutory deadline is set to June 30 of the year following the year end, however because the tax system was made available to the public with a significant delay (April 28, 2024), the Ministry of Finance announced a slight prolongation of the filing.
While there are still a few technical issues with the system, the Ministry of Finance surprisingly has set it in a way that before the official filing of a tax return, it is a compulsory task that a Greek IBAN is reported.
In particular:
• individuals who file as tax residents of Greece (irrespective of their nationality and/or the amount of the income they report) and irrespective of the final result of their filing i.e payment or return or zero balance; and
• the spouses of the above mentioned category of individuals (even if they have no income to report); and
• individuals and/or their spouses who file as non Greek tax residents of Greece but who for the year 2023 are entitled to a tax refund;
are not able to file their personal income tax returns of the calendar year 2023, unless they report a Greek IBAN (in case of married couples and if the bank account is joint, the same IBAN can be reported by each part of the couple).
Vialto Greece
We have already sent an informative message to all of our clients/ individuals who will be working with us, informing them for the new requirement, so they are aware of it and take the appropriate actions if they do not maintain Greek bank accounts.
In parallel and appreciating that this new requirement might be extremely cumbersome and in some instances impossible to be met (mobility personnel who left already the country, or persons who for any reason do not opt to have a Greek bank account, or persons who are non-Greek tax residents, etc), we are in discussions with the Ministry of Finance, having addressing the issue and the complexities along with our proposal that instead of a Greek bank account the system is upgraded and accepts also foreign account(s).
If there are updates, will inform the clients accordingly.
Contact us
For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:
Ana Berta Lopez
Partner
Further information on Vialto Partners can be found here: www.vialtopartners.com
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