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Interest and Penalties

The official interest rate, as set by the Finance Minister, for all amounts due as from 1 January 2019 is 2% (3,5% for 2017-2018, 4% for 2015-2016, 4,5% for 2014, 4,75% for 2013, 5% for years 2012 and 2011, 5,35% for the year 2010, 8% for the years 2007-2009 and 9% up to 31 December 2006). In addition to the interest, penalties are also charged depending on the circumstances.


Notes:

1. Physical persons are required to submit personal tax returns only when their gross taxable income exceeds €19.500.

2. A physical person is obliged to submit audited financial statements if his/her annual income from trade/business, rents, dividends interest, royalties or income relating to trading goodwill exceeds €70.000. Such physical person should be paying his/her 2018 income tax by 1 August 2019 and submitting his/her electronic tax return by 31 Mar.




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