July 10, 2024

Tax Alert #8-2024: Temporary Tax for 2024 & Employer’s Returns (IR7) Not Submitted for the Years from 2019 Onwards


The deadline for the submission of the 1st installment of temporary tax for the year 2024 is 31 July 2024 and the 2nd installment is 31 December 2024.

Who is Obliged to Pay Temporary Tax:

 – Individuals with taxable income from sources other than salaries, pensions, dividends, and interest.

 – Companies with taxable income.

Payment Method for Both Installments:

– Through online banking using the payment reference number automatically generated by the Tax Portal upon creation of the relevant liability.

Late payments are subject to a 5% surcharge on the owed amount and interest of 1.75% per annum.

If the annual taxable income calculated temporarily is less than 75% of the final taxable income, there is an additional charge of 10% of the final payable tax. In such cases, the taxpayer has the option to revise the temporary taxable income calculation by 31 December 2024.

2)  Employer’s Returns (IR7) Not Submitted for the Years from 2019 Onwards

We would like to inform you that the Tax Department, with its announcement on July 4, 2024, informs that in the framework of compliance with tax obligations, there is the possibility to submit Employer’s Returns (IR7) that have not been submitted by the specified date and which concern the years from 2019 onwards, until October 31, 2024, without the imposition of any penalties.

After this date, the penalties provided by law will be imposed.

How can we help?

For more information you can contact us at: 22484429 or [email protected]

TAGS: Tax Alerts