The Public Revenue Authority has published a Document ΔΕΑΦ Î’’ 1135136 on 15th September 2016 for providing clarifications on the likelihood of a refund of non-final dividend withholding tax paid by legal entities on dividends received. In accordance with the Document, wherever the amount of dividend tax (levied at 10% in 2016 and 15% in 2017) is higher than the amount of corporate income tax (levied at 29%), the difference is not refunded to the taxpayer. Under the Tax Code, only the tax amount corresponding to which has been withheld or paid in advance is refunded. The Document makes reference to Circular POL 1070/2016 which gives clarifications on the filing of corporate income tax returns for 2015 and states that its provisions also apply to corporate income tax returns for 2014.
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