The Finance Ministry has published a draft modifications to the corporate and personal income tax reporting rules, mandatory electronic filing of corporate and personal income tax returns and simplified rules for filing corrective tax returns on September 16, 2016. The draft bill predicts that the amendments will enter into force on 1^st January 2017.

Obligatory electronic filing

On the basis of proposed amendments, companies and individuals will have to file their corporate and personal income tax returns online by using a qualified electronic signature. Individuals without having a qualified electronic signatures will also be able to file their personal income tax returns using a personal identification code issued by the National Revenue Agency.

Simplified filing of corrective annual income tax returns

The draft bill permits companies and individuals to submit a corrective annual tax return by 30 September of the year in which the annual tax return was initially filed. The new rules will grant companies for at least 6 months and individuals for at least 5 months. One can get only one chance to file such corrective tax returns. On the contrary, corrections will be possible under the existing procedure for corrections to tax returns already submitted. At present, in order to correct annual tax returns already submitted, companies and individuals have to file a written request to the National Revenue Agency which then has to make the correction within 30 days from the filing of the request. The draft bill is subject to public consultation until 30^th September 2016.