2024 Tax declarations begin on March 17

With the activation of the relevant platform, several changes and new codes have been introduced in Form E1, which is required for individuals and legal entities to declare their tax information.

Taxpayers are advised to closely monitor the updates with the help of their accountants to take advantage of available tax deductions.

Key Updates and Deadlines

• Self-employed business owners will benefit from specific tax deductions.
• Professionals operating in areas with a population of fewer than 1,500 people will also be eligible for similar tax benefits.
• As in previous years, individuals who acquired real estate in 2024 must declare the expenses related to their acquisitions in their tax returns.
• The deadline for tax submissions is July 15, with no extensions planned for this year.
• The Independent Public Revenue Authority (AADE) is expected to process approximately 1.3 million individual tax declarations by April 16, 2025.

Payment and Penalties

• Taxpayers who submit their declarations by the end of April 2025 and pay the full amount in a single installment will receive a 4% discount.
• Income tax payments will be made in eight monthly installments, with the first payment due at the end of July and the final one by February 2026.
• Public institutions that fail to submit the required tax data to the tax authorities on time may face fines of up to €2,500.