BUSINESS

Deadline for statements extended till July 26

TAGS: Taxation

The Finance Ministry on Tuesday announced it is extending the deadline for the submission of income tax declarations from June 30 to July 26 due to the huge delays recorded. This concerns both individual taxpayers and businesses.

Besides the taxpayers who are refusing to find out the extra amount of tax they have to pay this year, the online system is showing considerable technical problems, while the government has admitted it was late in launching the application and uploading the new E3 form on the system.

Up until Tuesday – four days before the original deadline – only 3.88 million taxpayers (or 60 percent) had filed their income details for the 2017 financial year. The online system would have had no chance of being able to cope with the submission of some 600,000 statements per day before the June 30 deadline, so extending the deadline was essential for the sustainability of the system.

More than a third of taxpayers (37.35 percent) who have already submitted their declarations will have to pay additional tax to what has already been withheld from their incomes. The first installment of the tax due must be paid by July 31, as this deadline is not affected by the statement submission dates.

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