𝐂𝐲𝐩𝐫𝐮𝐬 𝐓𝐚𝐱 𝐅𝐢𝐥𝐢𝐧𝐠 𝐟𝐨𝐫 𝟐𝟎𝟐𝟑: 𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐧𝐨𝐰

Angelina Alyabyeva, Legal Associate, CYSEC AML Officer, LLB (Hons), LLM, Commercial Mediator

𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐭𝐚𝐱 𝐫𝐞𝐭𝐮𝐫𝐧𝐬 𝐟𝐨𝐫 𝟐𝟎𝟐𝟑 𝐡𝐚𝐬 𝐧𝐨𝐰 𝐛𝐞𝐠𝐮𝐧

The TAXISnet online service is now open for taxpayers to file their tax returns for the 2023 tax year. There are some changes to the system compared to previous years, the main purpose of which is to implement the current legislation and introduce, among other things, fields and codes that relate to the first employment deduction based on Article 8(21A) of the Income Tax Law (N(118(I)/2002) as amended, deductions for investments in shares of innovative companies, as well as the addition of fields related to the application of the Law on the Prevention and Combating of Money Laundering from the Proceeds of Illegal Activities (N188(I)/2007) as amended, on the basis of which the Tax Commissioner acts as the supervisory authority.

It is noted that the verification of the overwhelming majority of income/profit declarations of individuals and legal entities for tax years up to 2021 has already been completed, and the verification for 2022 will be completed over the next few months.

𝐖𝐡𝐨 𝐢𝐬 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐝 𝐭𝐨 𝐅𝐢𝐥𝐞 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧𝐬?

The obligation to file a tax return lies with employees, pensioners and self-employed persons whose gross income for 2023 exceeds €19,500. The deadline for filing individual income tax returns for the 2023 tax year is July 31, 2024.

Filing after July 31, 2024 is considered late filing and will result in a penalty of €100.

𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬

Electronic filing of tax returns for 2023 is now open on TAXISnet.

There are some changes to the system compared to previous years.

The deadline for filing individual income tax returns for the 2023 tax year is July 31, 2024.

Late filing will result in a penalty of €100.