Pursuant to the applicable tax legislation, individuals are obliged to electronically file their income tax returns by 30 April of the following year and corporate and other entities with fiscal year end on 31 December by 30 June of the following year. For individuals the filing due date for the reporting period of 2015 had been prolonged to 30 June 2016.
With a new announcement, the Ministry of Finance provides now for a further extension, applicable this time to both individuals and corporate and other entities. The Ministry states that due to the backlog caused by the strike of tax professionals and other reasons, it decided to provide a short extension for the filing of income tax returns of individuals and entities until 15-07-2016. Furthermore, it stresses that no further extension will be granted and reminds of the penalties for late filing (reaching up to Euro 500 for taxpayers with double entry accounting books and of surcharge of 0.73% on the amount of tax due, times the number of months delayed).