The annual income tax campaign is starting and you have time to submit your tax form until the end of June. By the moment we want to check some of the main changes for this year.
Reduction of net income for those who start a new economic activity. Taxpayers who start an economic activity and calculate the net return of the same according to the direct estimation system may reduce by 20 % the positive net income declared under this method. This reduction may be carried out in the first tax period in which the performance is positive and in the following period .
Employer contributions to group insurance dependencyIn the income tax, the contributions and payments made in the field of public welfare or Mutual funds are considered deductible and necessary for obtaining employment income and expenditure of economic activities.
Deduction for investment in start-upsThese are the called "business angels", people who provide only capital for starting a business. Taxpayers may deduct 20 % of the state share in income tax by investing in new companies or newly established in the amounts paid during the period by subscription of shares of these companies new or newly created . The deduction limit base will be 50,000 per year.
Investment tax credits benefitFor the case of employers who pay taxes in income tax because they are natural persons includes a deduction on economic income tax payers to those exercising such activities. It may include investment in new tangible fixed assets and investment property . This investment will be entitled to deduct, in general , 10% of the full amount of taxable profits invested .
Home improvement works. Changes necessary for the implementation of the outstanding amounts of the deduction for improvement works are carried out in the home, as this deduction was applicable until 31 December 2012 and in 2013 can only be applied to deduct outstanding amounts for exceeding the maximum deduction base .
Deduction for main property (usual living house)From January 1, 2013 the deduction for investment in the main residence has been abolished.
Capital gains. A new tax for the taxation of gains and capital losses arising in sales with a generation time of one year or less applies.
This change has forced to make the necessary changes in the model statement to distinguish between economic gains and losses arising from the transfer of assets acquired one year or less before and acquired more than one year prior to the transfer date.
For further information or assistance with your Income Tax visit VP ADVISERS
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