Cecil Kilpin | January 2023 Newsletter

By |2023-01-24T16:40:26+02:00January 24th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

Administrative Penalties for Late Submission of Tax Returns. With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020 are outstanding. Prior to this change, taxpayers were only liable for administrative penalties for late submission if they had two or more tax returns outstanding for these tax years. Incidences of non-compliance subject to a fixed amount penalty: Individuals (Personal Income Tax) – From 1 December 2022 if a natural person failed to submit an income tax return for years of assessment from 2007 onwards when that person has one or more income tax returns [...]