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Property owners and managers who rent out properties through short-term rental platforms such as Airbnb and Booking.com, freelancers who will activate their card terminals for the first time from January 2024, the 20,000 professionals with low incomes but high gross margins, and those who bought properties with cash will be the priority for inspections by the Independent Authority for Public Revenue (AADE) and its monitoring mechanism in the new year.
The focus will be on taxpayers and businesses that have received tax refunds (income and VAT). The selection of cases to be reviewed as a priority in 2024 is based on an automated objective assessment model using risk analysis criteria and data from internal and external information sources available to AADE. Cases with the highest scores are considered priority.
Changes in legislation for those who own more than two properties, as well as increased penalties, will activate the AADE mechanism, especially in the case of short-term rentals. From the new year, those who have three objects on sites will have to be liable for VAT.
In the next period, AADE is expected to receive all rental data for 2023 from the platforms as part of the agreement they signed. At the same time, AADE will also receive data from credit institutions for the amounts they have collected. This data will be double-checked and if discrepancies are found, the owners will be asked to pay the resulting additional tax and related fines.
It is noted that with the recent law, penalties for failure to register in the Short-Term Rental Real Estate Registry have become more stringent. The new penalty is set per tax year at 50% of the gross income for the last tax year and at a minimum of €5,000.
Source: Ekathimerini
Photo by Dimitris Kiriakakis on Unsplash
