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Personal Income Tax Declaration for the year 2024

How do I submit my Income Tax Return? When am I able to submit the declaration? Are there any reasons I could be exempt from submitting income tax declarations? Read below information provided by the Fairfax team to understand how and why you should submit your Income Tax Declaration for the year 2024.

Taxisnet Portal

You can submit your Income Tax Declaration electronically through the Taxisnet System. The System is available in both Greek and English and can be accessed here.

When can I Submit the declaration?

The Fairfax team would like to inform you that the Income Tax Return for individuals for the tax year 2024, is now available on the Taxisnet System and the submission deadline and the payment of any due tax is the 31st of July 2025.

Who needs to complete the submission?

Individuals (Employees, Pensioners and Self-employed persons) with any annual income above €19,500 are required to submit personal income tax return.

Delayed Submission or Non-submission

Late submission of return will result to a penalty of €100.

The Fairfax team is available to assist with the submission process or any other tax issues you may have on accounts@fairfaxyeaman.com or by calling +357 25558025.

Tax Alert | Tax Identification Number Search/Verification for Employees in Connection with Form T.D.7 Submission via Tax Portal

On April 4th, 2025, the Tax Department launched a new online tool on the Tax Portal, enabling employers to search and verify the Tax Identification Number (TIN) of their employees.

This tool allows employers to confirm whether an individual is registered in the Tax Department’s Registry by entering the employee’s ID number or Alien Registration Card (ARC) number or Social Insurance number, along with their date of birth.

Access Requirements
The tool is available exclusively to employers who meet at least one of the following conditions:

Have submitted at least one Employer’s Return (Form T.D.7), or
Have made at least one payment of withheld tax (Code 0100) for the period from January 1st, 2021 onwards.

For detailed instructions, please refer to the user guide available in the ‘GUIDES’ section on the TAX FOR ALL website.

Fairfax remains at your service, should you need further clarifications or assistance from our end. You can reach us on +357 2555 8025 or email accounts@fairfaxyeamen.com .

Submission of Withholding Taxes Contributions (Employers) Return (TD7 Form) through the TAX FOR ALL (TFA) platform

On January 13, 2025, the Tax Department issued an announcement titled Δήλωση ΤΦ7 μέσω TFA.pdf, notifying taxpayers that during the first half of 2025, the submission of the Withholding Taxes & Contributions (Employer’s) Return (Form TD7) and the payment of withheld taxes and contributions will transition to the TFA system.

Until the process for submitting Form TD7 via the TFA system is finalised, the following interim arrangements will apply:

Submission through TAXISnet: Form TD7 for the years up to and including 2023 will continue to be submitted via the TAXISnet system.
Payments through the Tax Portal: Monthly payments for withheld taxes and contributions for 2023, 2024, and 2025 will be processed through the Tax Portal.

Once the transition is complete and the submission of Form TD7 via the TFA system is operational, the following changes will be implemented:

Both the submission of Form TD7 and the payment of withheld taxes and contributions will be conducted exclusively through the TFA system.
Starting from 2025, Form TD7 must be submitted monthly.
All monthly submissions for 2025 (beginning January 2025) must be made via the TFA system, even if taxes and contributions have been paid through the Tax Portal.
For successful submission of Form TD7, all employees must possess a valid Tax Identification Number (TIN).

To assist taxpayers with the transition, the Tax Department will provide detailed Informative Guides and host Online Seminars.

The specific commencement date for the submission of Form TD7 and the settlement of taxes and contributions via the TFA system will be announced in due course through an official announcement by the Tax Department.

We remain at your service, should you need further clarifications or assistance from our end. You can reach us on +357 2555 8025 or email accounts@fairfaxyeamen.com .

Fairfax Newsletter December 2024

Changes in 2025

Fairfax would like to inform all employers about the changes that will be put in effect in 2025.

SIF Contribution Rates

At the moment, the rate applicable remains at 8.8% deducted by the employee and 8.8% contributed by the employer.

There is no further change at the contribution rates of the other social insurance funds in effect.

You may refer to the chart below for your ease of reference:

SIF Insurable Income Increase

In addition, to the above contribution rate, the maximum level of yearly insurable earnings will change. During 2024 the yearly maximum level of insurable income was €62,868, while from 1st January 2025 the maximum level of insurable income will be increased to €66,612 per annum.

How can we help? Explore the benefits of engaging the Fairfax team to assist you by outsourcing your
payroll function to us.

Contact our team on +357 25558025 or at accounts@fairfaxyeaman.com.

Announcement | Latest Change in Legislation Affecting Penalties for Undeclared Employment

The key changes introduced in this legislation amendment focus on stricter penalties for undeclared employment and the removal of outdated terminology to streamline legal language. By significantly increasing the fines for initial violations and escalating penalties for repeated offenses, the amendment aims to enhance compliance and accountability among employers. These revisions reflect the government’s commitment to improving labour protections and ensuring the integrity of the social insurance system.

Kindly note, confirmed with immediate effect, the penalty that will be implemented by the Social Insurance Inspector in case of undeclared employment will be 1000 euro (instead of 500 euro that was in place until recently) for each employee for the month that the violation of the law. In addition to that, there will be an extra fine of 500 euro for each calendar month of employment prior to the month the violation was detected.

Moreover, the new law is introducing some hefty penalties in case the employer won’t comply to the regulations and will have another case of undeclared employment in the span of 2 years following the first violation:

2000 euro fine for the 2^ndviolation
3000 euro fine for the 3^rdviolation and any violation thereafter

Last but not least, we would like to point out the importance of declaring the employment on ERGANI platform before the employment commencement date.

We remain at your service, should you need further clarifications or assistance from our end. You can reach us on +357 2555 8025 or email accounts@fairfaxyeamen.com .