Insider Economy 270 thousand e-tax declarations posted

270 thousand e-tax declarations posted

The electronic system of the Department of Taxation yesterday posted income declarations of natural persons, that is employees and self-employed persons, for the fiscal year 2018.

Specifically, 270,000 taxpayers now have the opportunity to submit their tax returns and at the same time pay the required tax through JCC Smart. The deadline for the submission of declarations and tax payments is July 31.

For the tax year 2018, returns which can only be submitted electronically via the Taxisnet system, began much earlier than last year. The tax return has no particular changes compared to last year’s.

The Tax Department did not make any major changes due to the delay in the submission of income statements for the tax year 2017 and because tax returns were still being submitted up to the end of October 2018.

This year, the process for taxpayers is much easier since they are more familiar with the process and already have the passwords for Taxinet.

Assistant Tax Commissioner Sotiris Markides told Phileleftheros that the procedure for filing a tax return is even simpler this year. And that  taxpayers only need a maximum of five minutes to complete tax returns since last year’s data will come up and only the amounts must be changed.

Specifically, all fields of the statement that require mandatory filling such as data, employer, pension and deductions/reductions (Insurance/Funds etc.) are pre-filled. The totals are also automatically calculated and so is the transfer of declaration data such as income/deductions/ reductions) to the tax calculation part. Income tax and the special contribution to defense are also calculated automatically.

In addition, taxpayers who lost last year’s Taxinet passwords can submit a request for new ones. They should click on “I forgot my password” part.

The Assistant Tax Commissioner has urged taxpayers to submit their income statements in due time as the deadline for filing tax returns expires on July 31, 2019.

 

Read more:

https://in-cyprus.com/tax-office-in-cyprus-targets-doctors-lawyers-and-accountants/

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