Start of the Tax Campaign

The beginning of 2014 marks the start of this year’s tax campaign – a period of the annual tax return submission by firms as well as those individuals that are obligated to do so following non-labor acquired income.

Not unlike every year, in 2014 there will be individuals that will willingly and impatiently fulfill their duty. The number of the submitted papers from the beginnings of the year up to know represents eloquent evidence for that.

More and more people are expected to continue taking vantage of the available discounts defined by the law if meeting certain criteria:

1) Individuals who submit their tax return before 10/02/2014 have a 5% discount on that part of the paid tax that was additionally due according to the tax return.

2) Individuals who submit their tax return online before 30/04/2014 have a 5% discount on that part of the paid tax that was additionally due according to the tax return as long as they haven’t had the 5% discount up to 10/02/2014.

We should emphasize that these discounts can be claimed only if the individuals who must pay advance taxes paid the entire tax amounts within the necessary time frame.

Due to the accounting complexity of some of the acquired in the previous year income (especially the ones different from “civil contract”), it is highly recommended to consider at least consultation with experienced accounting specialists. Compromises with the accurate preparation of all additional tax papers are not appropriate. The introduced administrative sanctions on infringements related to incorrectly entered data, not compliance with the deadline, etc. represent a serious reason not to save from expenses for professional assistance during the tax return and all accompanying documentation preparation.

Hardly do many people with no economic or financial education seem familiar with the full documentation package that must be submitted within the stipulated time frame. The most common examples in that regard are about the self-employed individuals who must fill in “Reference of the final insurance income”, “Declaration Sample 6”, etc.

As specialists in taxation, we, “RPN Accounting”, also recommend that individuals use the assistance of professionals in case of doubt whatsoever about inaccuracy – since the correctly submitted data ensure not only avoiding possible sanctions, but also taking full advantage of all inherent legal opportunities.