All companies and self-employed persons should submit a temporary tax declaration and make two provisional tax instalments during the year of assessment.
Reporting deadlines
The dates of submission and payment of the provisional and final tax for tax year 2022 are as follows:
- 31 July 2022 – Payment of 1st instalment
- 31 December 2022 – Payment of 2nd instalment – last day of revision of provisional tax (if needed)
- 1 August 2023 – Settlement of the final tax liability for tax year 2022.
It should be noted that if there is no taxable income, then there is no requirement to submit a temporary tax return.
Penalties
All companies have the right to revise their estimated taxable income at any time before 31 December 2022.
If the estimated taxable income is revised upwards, 1,75% interest is payable on the difference between the revised amount payable and the amount initially declared from the due date of payment of the 1st instalment.
If the estimated tax paid for 2022, is lower than 75% of the actual tax liability calculated based on the final tax computation for the year 2022, then a penalty of 10% will apply on the underestimated tax payable.
We remain at your disposal for any further clarifications may be needed.
