The Revenue and Customs Administration (UPC) reminded taxpayers that the legal deadline for submitting financial statements and annual corporate income tax returns for the previous year, as well as for paying income tax, is March 31.
The UPC announced that the amendments to the Law on Corporate Profit Tax were published in the Official Gazette on December 31 last year.
"Given that the amendments to the Law on Corporate Income Tax have been in force since January 1st, when determining the taxable profit for the previous calendar year and paying the tax liability on that basis, the regulation that was in force in the period of creation is applied obligations, which implies that the profit tax for the previous year is paid at a rate of nine percent, as well as the taxpayer's right to reduce the tax liability by six percent if he pays the calculated tax liability within the deadline set by the law," the announcement states.
On the other hand, the aforementioned Law, which provides for progressive rates of income tax and in which the norm regulating the right of the taxpayer to reduce the tax liability, has been deleted, will be applied when taxing the profit realized from the tax period since the aforementioned norm was applied, which is in in the case of income tax, the financial year, that is, this calendar year.
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