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Repayable down payment: New opportunity for those who lost cheap government loans

The Independent Public Revenue Authority (AADE) has activated a platform for submitting objections to the Refundable Advance Payment and informs via Taxisnet and by mail those who were rejected by the program to re-apply. The submission deadline expires within five days of receiving the relevant notice.

When submitting the objection, the taxpayers should enter information, such as in which cycle of the Refundable Advance Payment, because they consider that their application was wrongly rejected and to substantiate the wrong rejection with supporting documents.

The supporting documents that must be submitted to the platform of the Independent Public Revenue Authority by the 16th of the month for all repayable advances (if the company has been strengthened under the Temporary Framework) are:

1. Responsible statement of the company's accountant certifying that the company on 31.12.2019 (depending on the legal form and type of books of the company), according to the items listed in point A of Annex I "Definition of a Troubled Company": - or had not lost more than half of its subscribed capital due to accumulated losses, - or had not lost more than half of its capital, as shown in the company accounts, due to accumulated losses.

The above is not required in the case of independent sole proprietorships, as well as in the case of small and very small enterprises.

In order to return the money to the state, the same procedure will be followed that applies to any taxpayer debt to the Ministry of Finance. In case the beneficiary neglects to repay the state loans he received, the compulsory collection measures will be activated to repay the debt, which will now be considered overdue.

The number of companies and professionals that were "cut" from the Returns 3 and 4 is large with the main volume concerning the fourth cycle where a record number of applications from interested parties was recorded due to the non-return of 50% of the aid.


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