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Accountants and tax experts are on the verge of a nervous breakdown. The deadline for submitting tax returns normally expires in eight days, and approximately 1.5 million tax returns for natural persons and over 120,000 returns for legal entities have not been submitted. Requests to extend the deadline are raining down on the Ministry of Finance and AADE, with accountants citing errors and omissions in the declaration system and the inability to fulfill their professional obligations.
For its part, the Ministry of Finance talks about the high rate of submission of tax returns in recent days (including on Tuesday and Wednesday over 100,000 returns were submitted per day) and estimates that the process can be completed by July 26 2024 which expires according to the schedule.
Fines
At the center of the accountants-treasury dispute are hundreds of thousands of taxpayers who risk facing fines of between €100 and €500 and increased tax if their returns are submitted after the July 26 deadline. Those who submit an initial or amending tax return after the deadline will not pay a fine if the tax does not exceed 100 euros.
However, taxpayers with debt settlements will be charged interest of 0.73% for each month of delay from the due date of tax payment.
Overdue Amending Statement
For taxpayers who will submit late amending income tax returns with a debit statement, the following applies:
1. If from the initial on-time declaration the clearing statement was zero or credit and from the amending declaration there is an additional tax payment of up to 100 euros then no penalty for late submission will be imposed.
2. If a zero or creditable amount of tax resulted from the original timely declaration and an additional tax of more than 100 euros was incurred from the late amendment, then a fine is imposed:
100 euros if the taxpayer is not self-employed or an entrepreneur.
250 euros if the taxpayer is self-employed or an entrepreneur and keeps simple books
500 euros if the taxpayer is an entrepreneur or self-employed person and keeps double-entry books.
3. If the overdue amending declaration results in a tax increase of more than 100 euros, then a fine is imposed:
100 euros if the taxpayer is not self-employed or an entrepreneur.
250 euros if the taxpayer is self-employed or an entrepreneur and keeps simple books
500 euros if the taxpayer is an entrepreneur or self-employed person and keeps double-entry books.
#Accountants #taxpayers #despair
2024-08-30 12:00:39
#Accountants #taxpayers #despair
2024-08-30 12:14:54