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Wednesday, June 19, 2024

Ef. Taxation: The vote n/s necessary for posting Income Statement

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Referred to a proposal to extend the reporting period until October 2, 2023

Εφ. ΦορολογΙας: Η ψorφιση ν/σ αναγκαΙα για αναρτηση Δorλωσης Ε ισοδorματος

The pending passage by the House of Representatives, of a bill concerning new provisions for the discount for first employment affecting the tax year 2022, has not allowed the posting of the Individual Income Statement for the tax year 2022 on the Taxisnet System, the Commissioner told KYPE of Taxation Sotiris Markidis, who referred to a proposal to extend the period for submitting the Declaration until October 2, 2023.

At the same time, the Tax Commissioner said that to date approximately 1.9 million Income Tax returns have been cleared, Extraordinary Contribution for Defense and Extraordinary Contribution of Employees reaching up to the tax year 2018.

In more detail in relation to the bill, Mr. Markidis said that “when the procedures for passing the bill in question are completed so that we have the final text, we will proceed to integrate the provisions of the legislation into the Individual Income Statement 2022 and upload it to the system TAXISnet”.

He said that the delay caused shortens the period that taxpayers have to file their return by the set deadline which is currently July 31, 2023.

“The weaknesses and delays of the state are not right to burden the taxpayers/citizens, that's why there is a proposal to extend the deadline from July 31, 2023 to October 2, 2023,” he underlined.

Backlog Clearing Project

In addition, the Tax Commissioner referred to his previous statements according to which the Tax Department is currently working on the clearance of Individual and Corporate Income Tax Returns and added that so far a large percentage of the clearance of Individual Income Returns has been achieved up to the tax year 2018, and the clearance of Corporate Income Statements up to and including the 2020 tax year.

He said that “In the coming months, Individual Income Statements for the 2019-2021 tax years are expected to be cleared”.

“Until today, about 1.9 million Income Tax, Extraordinary Contribution for Defense and Extraordinary Contribution of Employees have been cleared, as they appear from the Income Declarations of Individuals and Companies”, he said and added that “an amount of tax of about €90 million was refunded and the taxes collected or expected to be collected are over €300 million”.

He noted that 2019 was the first year that the National Social Security contributions were introduced, which makes the clearance of tax returns more complicated and time-consuming and at the same time as the issuance of income taxes, taxation of National Social Security contributions as well as the Emergency Contribution for Defense will be issued in the case of income from sources that are subject to VAT.

According to Mr. Markidis, the work of liquidation is achieved by automatic cross-checks electronically and with overtime employment of Department Officers during evening hours and weekends.

“Percentage of Declarations are selected based on sampling on the basis of risk analysis for more checks and for this some taxes remain pending until their examination”, he concluded.

Source: www.kathimerini.com.cy

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