After receiving a number of complaints by taxpayers who found themselves charged with an amount of notional income on which tax was calculated and due, the Greek Ombudsman published a report in which it concluded that the Greek Tax Administration does not provide adequate information to taxpayers on how to challenge notional income rules.
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The Ministry of Finance issued guidelines (Circular POL. 1259/28-12-2011) for the application of the new notional income criteria (TEKMERIA), that were enacted by article of 28 Law 3986/2011, are in force as of 1-1-2011 and will affect the income to be declared in the income tax returns of fiscal year 2011 that will be submitted in March 2012. These TEKMERIA concern the use or ownership of certain types of assets, such as a main residence, a secondary residence, a swimming pool, a car, a boat or a yacht. |
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