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Thursday, June 27, 2024

Three-month extension for Individual Income Statements

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The Council of Ministers decided to extend until October 31, 2024 (instead of July 31, 2024) the deadline for submitting the Individual Income Statement without Accounts for the tax year 2023, as stated by the Tax Commissioner Sotiris Markidis at KYPE, who at the same time stated that until Friday, June 21, 52,000 taxpayers have “Final” submitted their Declaration through the Taxisnet system.

Specifically, Mr. Markidis said that the process of submitting the Declaration of Individual Income without Accounts for the tax year 2023 through the Taxisnet system is underway and “up to today, Friday 21/6/2024, approximately 64,000 taxpayers have processed their Declaration”.

Of these, according to the Tax Commissioner, approximately 52,000 taxpayers have “Final” submitted their Return and approximately 12,000 have processed their Return and have it “Provisionally Received” .

He noted that last year for the tax year 2022, approximately 293,500 Individual Income Tax Returns ΤΦ1/2022 were finally submitted by the deadline and approximately 5,000 more remained in provisional receipt.< /p>

At this point, Mr. Markidis emphasized that “in order for the declaration to be considered submitted, it must be Final Submission” and invited the public “to make sure that they have submitted their declaration definitively, to avoid unpleasant consequences, such as a €100 fine and notice for failure to submit a declaration with similar consequences”.

Furthermore, the Tax Commissioner told the KYPE that “after a recommendation from the Tax Department, the Cabinet decided the extension of the deadline for submitting the Individual Income Statement without Accounts for the tax year 2023, until October 31, 2024” and noted that the decision is expected to be published in the Official Gazette of the Republic.

He added that “the obligation to submit a Personal Income Declaration for the tax year 2023 is for Employees, Retired and Self-Employed whose gross total income for the tax year 2023 exceeds the amount of €19,500”.

Source: reporter.com.cy

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