The amendments to the Corporate Income Tax (CIT) Act has been published in the State Gazette on 6th December 2016. The parliament voted on the adoption of amendments to the corporate income tax reporting rules on 23rd November 2016. The most important changes are summarized below:
Mandatory electronic filing of tax returns
A compulsory obligation for electronic filing of corporate income tax returns is announced and the new requirement will be applicable from 1st January 2018.
Simplified procedures for corrections of tax returns
In the case of establishing accounting errors following the preliminary tax return submission, an option is declared that allows submission of a corrective tax return by 30th September of the year following the tax period. If errors relate to a previous period, a company will have to submit a written notification to the National Revenue Agency and it will be needed to correct the taxable result no later than 30 days following the filing of the written notification.
Administrative simplifications for companies without activity
Companies that did not do an activity during a calendar year will not be required to submit an annual report for the respective year.
