Tax Campaign 2014 – Individuals

The upcoming end of April makes more and more people (individuals) turn to the tax administration in fulfillment of their duty to declare taxes for income beyond their annual remuneration. That is also the opportunity for people with no additional income but willing to legally use certain tax breaks to claim officially their right to have certain tax reinstatement.

Tax returns submission at the last possible moment is not advisable.

Arguably the most important advice an accountant could provide is tax return preparation and submission within a reasonable period of time avoiding proximity to the deadline. People often tend to wait almost till the last day to fulfill their duty, but such a strategy is not recommendable at all since it could result in improper and inaccurate procedures. It is also important to point out that according to the revenue agency statistics many people are yet to submit their tax returns which will certainly lead to long queues before tax office branches.

It is advisable to submit tax returns with an e-code.

The e-code tax return form provided by the National Revenue Agency is recommended for its indisputable advantages – automatically implemented formulas, arithmetic mistakes possibility minimization, etc. It should be also reminded that e-code tax returns which submission purpose is tax reinstatement get reviewed with priority and get handled much faster than ordinary ones.

Professional consultations are useful in case of even slight misunderstanding regarding the accuracy and completion of the overall procedure.

Official information submission before tax authorities represents a procedure full of bureaucratic specifics and bound to a high range of requirements which accurate fulfillment acts as prevention against possible sanctions. A common case is submission of an incomplete number of documents as a result of lack of information or necessary level of knowledge by individuals. That leads to compulsory administrative sanctions imposition from revenue authorities.

In conclusion – professionalism and seriousness throughout the tax campaign represent a warranty for a successful tax year end. And the above given recommendations could make the achievement of this goal much easier to every single individual.

April 20th, 2014 Posted by RPNAdmin Filed in: Other