Insider Economy Some 20,000 electronic tax returns filed within a week

Some 20,000 electronic tax returns filed within a week

Some 20,000 additional tax return forms were submitted electronically within one week, bringing the total to 170,000 from a previous 150,000. At the same time, some 15,000 employees/pensioners have yet to finalise submitted forms which are still in temporarily received files.

Last week, the number of forms in temporarily received files was 12,000.  The due date for the submission of income tax statements for 2018  without a penalty is Wednesday, July 31, 2019 for employees/pensioners and Monday, September 30, 2019 for those who are self-employed.

Electronic submission of income tax returns was introduced last year and  out of a total of 272,883 filed applications for the financial year of 2017, only 2,405 had missed the deadline. The due date for submitting an online statement last year was September 30th for employees, pensioners and self-employed individuals.

Tax returns for the financial year of 2018 cannot be compared with those of 2017 because the state of play is different, according to the Tax Department. Although the submission of a tax return is mandatory for natural persons with income of €19,501 and above, nonetheless, individuals below the taxable income threshold have also submitted tax returns.

The reason was to secure a hospital card due to the introduction of the island’s General Health Scheme (Gesy) and a tax return was proof of their income. Now that Gesy has been implemented one can be a beneficiary without having an income below a taxable amount.

Read more:

 

https://in-cyprus.com/tax-office-says-its-time-to-file-tax-returns/

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