Tax break for online receipts

Tax break for online receipts

The Finance Ministry’s tax reform blueprint provides for the exemption from taxpayers’ taxable income of their expenditure made online to sectors and professions that rank high on the tax evasion chart.

The government’s planning aims at the further expansion of the tax base with the strengthening of online transactions through the provision of incentives for specific tax years (from 2021 to 2025), such as the exemption from individuals’ taxable incomes of 30% of online spending for the acquisition of goods and services in certain sectors of the economy where tax evasion is rife. That means that if a taxpayer has spent 1,000 euros on a product or service listed for a tax discount, they will have €300 cut from their taxable income.

The list of sectors and professions qualifying for such discounts include education, entertainment, healthcare services, car repair shops, home repair services, hairdressers, travel services, small food stores, lawyers, gyms, plumbers and generally professionals involved in construction, among others.

However, this tax discount is not certain to fetch results as it will have a small impact on taxpayers’ dues.

SEARCH

[%EVENTS_SIDEBAR%]
Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.