Athens Macedonian News Agency: News in English, 14-11-10
CONTENTS
[01] Social insurance debts paid in 100 installments
[01] Social insurance debts paid in 100 installments
ANA-MPA -- Social insurance funds will start accepting applications
for the settlement of overdue debts in 100 installments from Monday,
based on a circular signed by Labour Minister Yiannis Vroutsis and due
to be posted on Diavgeia on Monday.
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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