The State Fiscal Service (SFS) has recently published on its official website clarifications concerning situations when tax penalties relating to the 2015 tax year are not due. According to the transitional provisions of the Tax Code, no tax penalties are due regarding mistakes in corporate income tax returns and/or underpayment of corporate income tax liabilities related to the 2015 tax year.
The SFS clarified that only tax penalties calculated based on the amount of underpaid corporate income tax (article 123 of the Tax Code) would not be due. Interest calculated based on the official interest rate of the National Bank still applies.
