Tax returns: who will receive a 3% discount when paying income taxes

Taxpayers who are up to On July 31, 2024, the amount of income tax will be paid in a lump sumreceived as a result of settling their tax return will receive tax rebate of 3%.

The tax deduction is provided for by an amendment of the Ministry of Economy and Finance, according to which income tax is paid in eight equal monthly installments. Moreover, it is expressly stated that if the deadline for filing a declaration is extended to a later date than the due date for payment of the first installment, then the first two installments must be paid before the due date for payment of the second installment. In particular, the amendment provides for the following:

• Payment of income tax for the 2023 tax year is made in eight equal monthly payments, the first of which is due by July 31, 2024, and each of the subsequent payments is due by the last business day of the next seven months.
  If the due date for filing the return is extended to a later date than the due date for the first installment, the first two installments must be paid on the due date of the second installment.
• Payment of income tax for the 2023 tax year by individuals – participants in legal entities and legal entities maintaining simple accounting records – is made in six equal monthly payments, the first of which is paid before September 30, 2024, and each of the subsequent payments – before the last working day of the next five (5 months.
  When paying a lump sum personal income tax for the 2023 tax year within the deadline set for the first payment, a discount of 3% is provided on the total amount of tax and debt associated with it.
  The discount does not apply to individuals who are subject to alternative taxation under section 5B.

Enterprises

• Payment of income tax by legal entities for income of the 2023 tax year, with the exception of legal entities that have been liquidated, is made in eight equal monthly payments, the first of which is paid before the last working day of the month following the date of filing the declaration, and the remaining seven – before the last working day next seven months.
• If the deadline for filing a return is extended to a later date than the due date for the first installment, the first two installments are paid before the due date for the second installment.

Farmers – fishermen

The same amendment makes permanent the income tax exemption for farmers and fishermen. Farmers in ordinary status, for whom the first five years have expired from the date of keeping accounting records and inclusion in the normal VAT regime, as well as “coastal” fishermen who operate individually or in the form of a partnership, are exempt from the obligation to pay business tax. or civil partnership fishing vessels up to twelve meters in length.

Source link