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/ Direct Taxation / Other Information
INTEREST
Information on default interest click
here
Income Tax
1.
Late submission of Return :
I. For assessment / self assessment was raised / paid before 1/7/2011.
i. For tax years up to 2005 an amount of 5% on the tax due and interest is imposed if the income tax return is submitted after the due date specified by the law.
ii. For tax years 2006 and 2007, a monetary fine of £30 and from 2008 and onwards €51, was imposed if the income tax return is submitted after the due date specified by the law. Interest is imposed as from 01/07 of the following year for self employed individuals without audited accounts and 01/08 of the following year for other individuals and legal persons.
II. As from 1/7/2011, irrespective of the tax year a penalty of €100 is imposed.
2.
Late settlement of tax due:
I. For tax years 2006 onwards an additional tax of 5% is imposed in the event that any tax is due is not settled within thirty (30) days of the Last Payment Date.
II. As from 1/7/2011, for all tax years, a 5% monetary fine is imposed when a person (natural or legal) omits to pay the tax due until the date stipulated in the Law or until the date stipulated in any notice by the Commissioner.
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