The Ministry of Finances and the General Secretary of Public Revenue have caused great confusion due to the repeated changes and clarifications regarding the submission of tax returns, most of which have come into effect as of the 1st of January 2014.
Amongst the most significant changes is that mistakes, errors and omissions will not be “tolerated”; since all forms are now submitted electronically, if a taxpayer wants to make any changes he or she will have to resubmit. Taxpayers will have to allow a little time when resubmitting their forms, so that the TAXIS database can be updated.
The deadlines for this year’s tax declaration are between 20th of March and 30th of June. After submitting the relevant forms, the tax payer will receive a “debt ID” and taxes will have to be paid in three installments, which are due of the 31st of July, the 30th of September and the 30th of November. Missing these deadlines will incur penalties, as detailed in the relevant regulations.
