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Instructions and clarifications made to tax offices regarding changes to the regulation of 120 payments for professionals and businesses are given by the Independent Public Revenue Authority
The plan may now include free -lances with debts of more than 50,000 euros, while debts established in 2017 are settled.
Among other things, it is envisaged that independent and non-insolvent enterprises with debts to the tax authorities of a maximum amount of EUR 125 000 can obtain the settlement of their debts in 120 monthly installments by the automated procedure of the out-of-court mechanism
More specifically with the latest changes:
1. The scope of the settlement of the debt to the state was broadened as follows:
– the planned ceiling of 50,000 euros has been abolished for debts to the state, while
– is subject to rules and debts established in the tax administration; from 2017, ie until 31/12/2017, instead of the previous deadline of 31/12/2016
2. The application of the special settlement rules applicable to debtors with total debt (to all creditors or the state as the case may be) from 20,000.01 to 50,000 euros, to indebted debtors (to all creditors or to the state, if applicable) from 20 000.01 to 125 000 euros.
New debt settlement rules were introduced for debtors whose total debts (to all creditors or to the state, if any) is greater than EUR 125,000 and provide for debtor's obligation to provide viability badessment and debt restructuring plan
These rules apply to debtors, insolvent individuals and corporations that earn income from economic activity, as well as debtors, natural persons not declared bankrupt, who receive income from economic activity
In particular, in this case, the debtor must provide a valuation of viability and a debt restructuring plan by an independent expert who is a member of the Economic Chamber of Greece for at least 5 years and holds an economic accounting license. A or a legal person, provided that the valuation and the above plan are signed by a natural person having the above qualifications, whose debtor bears the cost [19659002]
badessment of debtor's viability, 85% of surtaxes or late interest and 95% of fines set by the tax administration are pre-emptied of debt, so that the amount of debt owed to the State, on the basis of viability is deemed fictitious, but this amount is not the same as the amount of debt repayment proposed in the restructuring plan
The restructuring plan must respect the provisions of paragraph 21 of Article 15 of Law 4469/2017 as in the case of the new indent C of Article 6 or new indent C of Article 7 of the same Article 1223/2017 as the case may be, as amended by WHO POL 1116/2018, namely:
– the regulation does not the State not in a worse financial situation than the one in which the debtor's property would be liquidated; Execution Procedures
– the proposed pay-as-you-go scheme includes the 100% reduction of increases / late payment of interest and does not result in a present value of less than 50% of the total being subject to basic debt adjustment certified.
The State proposes settlement solutions taking into account the viability badessment, the debt restructuring plan and the resulting repayment capacity, also in amortizable monthly installments, the number of which can not exceed one hundred and twenty [19659002]
A debt reduction can be proposed, taking into account all the rules above, only if the total repayment capacity in a decade and the present value is less than the total debt . The total amount to be repaid under the arrangement can not be less than the repayment above
New exemptions have been added to the ability to settle debts if the total value of the badets debtor and co-debtors / co-debtors having submitted the application with the debtor
Specifically:
The State does not propose in the event that the total debt to be settled exceeds 20,000 EUR and the total value of badets of the debtor and any debtor / co-debtor who made the application at the same time as the debtor, is appointed to the unit, is more than twenty-five times (25).
The new paragraph added to Article 8 (2) of the decision provides that "the State has not proposed any arrangements since 1965: 1965 […]
a ) the total debt to be paid exceeds EUR 50 000 and the total value of the debtor's badets, in accordance with paragraph 2 of Article 4, exceeds the maximum amount resulting from the previous case or from the twenties thereof, according to the highest amount and
[19659002] (b) the total debt to be settled in this respect is greater than EUR 2,00,000 and the total value of the debtor's badets exceeds the maximum amount resulting from the previous case or the fifteen (15) , whichever is greater. "
It follows from the foregoing that the State does not propose any arrangement, provided that: a) the total debt to be settled is greater than EUR 50 000 and the total value badets of the debtor and any debtor / debtor presenting b) the total of debts to be paid exceed the amount (EUR 50,000 x 25 =) of EUR 1,250,000 or 20 times the amount to be paid, whichever is greater and
EUR 200,000 and the total value of the debtor's badets; any co-debtor / co-debtor who filed the application together with the debtor exceeds the amount (200,000 x 20 =) of 4,000,000 euros or 15 times the amount of the debt to be settled, whichever is the greater
The new provisions on the possibility of disabling the seizure of claims placed in the hands of third parties in the sense of the release of only future claims and their removal under certain conditions
With the information of APE-MPA
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