3.2 billion euros tax returns within 10 days

The Hellenic Ministry of Finance issued a circular that establishes procedures for the immediate tax refund to taxpayers and businesses that are entitled to up to 300,000 euros and which have already been cleared.

The finmin’s circular is expected to give breath to over 330,000 professionals and businesses who are anxiously waiting for tax returns such as VAT.

Economy Secretary Mavraganis signed the circular for the return of over 3.2 billion euros with a simultaneous offsetting of debts to and from the State.

If the beneficiary is liable to receive a refund of VAT or income tax up to 300,000 euros this will be done within 10 days. If the amount is over 300,000 then the whole return process should be completed within two months.

In coming days, more than 255,000 individuals will receive 94.3 million euros in refunds from income taxes, while approximately 78,000 businesses have tax refunds of 1.33 billion euros. The refund of 1.7 billion from VAT taxes will be returned to 11,700 companies in no later than three months.

Based on this circular the refund cases are divided into two categories:

• refunds with issued and cleared relevant AFEKs. This category includes amounts for returns or refund claims, which have an issued AFEK and cleared requirement
• refunds for which there has been clearance of the relevant applications, but have not an already issued AFEK or it has not been cleared by the relevant tax authorities.