Athens Macedonian News Agency: News in English, 14-11-10

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Social insurance debts paid in 100 installments

[01] Social insurance debts paid in 100 installments

The circular stipulates that the debts can be settled in up to 100 installments at a reduced interest rate of 4.5 pct from January 1, 2013. It also gives a discount for fines, compound interest and other charges, ranging from 100 pct if the debt is paid in full as a lump sum and falling to 20 pct if it is paid using all 100 installments.

It also gives debtors one second chance to join a settlement if they are unable to meet payments for reasons beyond their control.

The only requirement for entering the debt settlement scheme is to submit an application by the end of March 2015, along with any necessary supporting documents. Once the application is submitted, payments must be made by the 21st of the month on which the application was submittedby and then the 21st of every subsequent month. When this is not a working day, payment must be made on the next working day.

The debt settlement ceases to apply if the debtor fails to pay current contributions owed and the debt installments promptly, at which point the entire debt and accompanying fines etc become due. There is some leeway if a debtor pays current contributions on time but delays for up to two months to pay installments on the overdue debt.

The law also provides for the offsetting of VAT and tax returns with social insurance contributions, for up to one seventh of the remaining installments. In this case, the last installments are paid off first.

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