Extention of deadlines for reporting and payment of corporate and personal income tax

  • 07/04/2020 16:50
  • |
  • 0 comments

The Law on Measures and Actions during the State of Emergency, announced by a decision of the National Assembly as of March 13, 2020, promulgated in the State Gazette, issue 28 of 24.03.2020, introduced extended deadlines for declaring and paying the various types of taxes.

The 2019 annual reporting on corporate income tax, expenses tax, gambling tax, merchant vessel operation tax are extended until 30 June 2020 from the standard deadline of 31 March 2020. The term for payment of the taxes due has been extended to 30 June as well.

Personal income tax returns and underlying personal income tax for 2019 for persons engaged in business activities as traders within the meaning of the Commercial Act, including sole traders, as well as farmers, are due by 30 June 2020. (The standard deadline was 30 April 2020). In case such persons file tax returns and pay the outstanding tax by the end of 31 May 2020, 5% discount on the taxes due can be enjoyed.

The publication of the annual financial statements for companies at the Trade Registry is extended until 30 September 2020. 

The 2020 advance instalments are still due. Entities will be able to report the size of such instalments by 15 April 2020 either by filing the annual corporate income tax return or filing for the amount of the advance instalments only.

The standard 5% discount of the amount due on real estate taxes and vehicle taxes will be available upon prepayment of the whole amount for the 2020 liability until 30 June 2020.

© 2017 - 2020 All rights reserved