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With reference to Article 33/1, paragraph 2 of Law No. 8438, dated 28/12/1998 “On income tax”, as amended, the trade companies and natural persons that are subject to income tax, shall submit at the Tax Authorities, not later than July 31st of the calendar year, the decision on the approval of the result and profit destination upon taxation of the previous year. In case of failure to submit such a decision or in case of late submission of it, a fine of ALL 10,000 (ten thousand) will be imposed for every month of delay.
The report generated automatically by the electronic system of the Tax Administration, shows that a considerable number of taxpayers of income tax have not submitted the decision of the shareholder on the approval of the result and profit destination upon taxation for 2014 and 2015. Thus, for these taxpayers, the system continues to calculate for each month the respective fines, therefore, leading to a more serious situation of their outstanding liabilities.
Regarding this problem, the Tax Administration would like to invite all taxpayers of the income tax to submit as soon as possible electronically the decision of the shareholder on the approval of the result and profit destination upon taxation, in order to stop the calculation of fines and not to deteriorate any further the situation of outstanding liabilities.
The Tax Administration would like to remind to all taxpayers of income tax, that by July 31st they should also submit the decision of the shareholder on the approval of the result and profit destination upon taxation for 2016. After such date the fines will start to be automatically calculated for those taxpayers that have not submitted such a decision.