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New debt regulation

Under the new standard regulation, debtors are able to settle their debts to the tax office in 24 or 48 installments, provided that the debtor is not subject to any regulation until November 1, 2019.

Any debts that have already been included in the 12-24 installments after November 1, 2019 may also be included in the regulation.

If the debtor chooses so, the following may be adjusted:

  • Confirmed and non-overdue debts or installments at the date of filing the application for adjustment.

  • Confirmed and overdue debts at the date of filing the application, for deferment of payment.

  • Debts that after 1/11/2019 up until 25/02/2020 are subject to the 12 installments regulation:  from 26/2/2020 they may, at the request of the debtor, be subject to the new regulation with the 24-48 installments for the rest of them. In this case, the debts are considered to have been settled for the first time.

  • Debts that were not adjusted on 1/11/2019 but had been previously subject to installments or were adjusted after 1/11/2019 until 26/2/2020 but were lost, may be subject to the new regulation. In this case, the regulation is considered to be second.

Taxpayers should know the following:

  • Regular debts (ENFIA income tax) can be adjusted up to 24 installments without income criteria.

(Inheritance tax, fines) can be adjusted up to 48 installments depending on the amount of income.

  • To be subject to the regulation, the first installment must be paid within three (3) business days of the date of the application for eligibility. Subsequent installments shall be paid until the last business day of the following months from the date of application for eligibility.

  • Delayed payment of a single dose will result in a 15% surcharge. This installment shall be paid at the latest by the expiry of the deadline for payment of the next installment.

  • For debts settled in more than 12 monthly installments, the interest rate is increased by 1,5%.

  • The minimum monthly installment is 30 euros.

Any debtor who is consistent in fulfilling the terms of the regulation, when paying the last installment will be exempt from paying an amount equal to 25% of the interest charged on the amount of the installments of the adjusted debt.

TAX Department

Analog Group

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