The parliament voted on the adoption of amendments to the corporate and personal income tax reporting rules on 23rd November 2016, which was proposed on 16th September 2016. Some changes have gone through during the parliamentary discussion before its final adoption those are given below:
Electronic filing:
Proposed obligatory electronic filing of personal income tax returns has been dismissed by the parliament. Individuals may still file their annual tax returns online through by post or on paper at the offices of the National Revenue Agency. An electronic filing obligation will only be announced for businesses. From 1st January 2018, companies will be needed to file their annual corporate tax returns online. For this reason, companies will no longer be able to claim the current 5% discount from their tax liability for electronic filing.
Simplified filing of corrective income tax returns
The parliament has accepted rules that allow companies and individuals to submit a corrective annual tax return by 30th September 2016 in which the annual tax return was initially filed and these changes will be effective from 1st January 2017.
