Tax Diary

Date Obligation Form Penalties
April 30 Submission of Income Tax Return by individuals I.R.1 1,4,6
  Submission of Employer’s Return I.R. 7  
June 30 Submission of Income Tax Return by individuals who do not submit audited accounts but are obligated to issue invoices, receipts, etc. I.R.1 1,4,6
  Payment of tax balance for the previous year by individuals who do not submit audited accounts but are obligated to issue invoices, receipts, etc.   4
  Payment of Contribution to the Defence Fund on rental income received during the first half of the current year I.R.601 2
August 1 Submission of Temporary Tax Assessment for the current year I.R.6 3
  Payment of first instalment of tax based on the Temporary Tax Assessment   3
  Payment of the tax balance for the previous year I.R.158 4
September 30 Payment of the second instalment of tax based on the Temporary Tax Assessment   3
  Payment of Immovable Property Tax   9
December 31 Submission of Company Income Tax Return I.R.4 1,4,6
  Submission of Tax Return, accounts and additional information by individuals who submit audited accounts I.R.1 1,4,6
  Submission of revised Temporary Tax Assessment for the current year, if considered necessary I.R.6 3
  Payment of third instalment of tax based on the Temporary Tax Assessment   3
  Payment of Contribution to the Defence Fund on rental income received during
the second half of the current year		 I.R.601 2
By the end of the next month Payment of tax deducted from employees emoluments I.R.61 5
  Payment of Contribution to the Defence Fund withheld from dividends and interest I.R.601 2
  Payment of Social insurance deducted from employees emoluments   10
By the 10th of second month of VAT due after the end of the VAT period the Submission of VAT Return and payment VAT 4 7,8
By the 10th of the next month after the end of the period Submission of Intrastat INTRASTAT 1.1 INTRASTAT
1.2		 12
By the 15th of the next month after the end of the period Submission of VIES for goods and services VIES 1 11


Penalties
1.    Upon conviction for failure to submit a return, a person shall be liable to a fine not exceeding €17 per day for as long as failure continues, or to imprisonment for a term not exceeding 12 months, or both. Any person who without any excuse ommits any object of the tax from the return shall be liable, on conviction to a fine up to €3.417 plus the tax due plus an amount equal to two times the difference between the amount of tax properly imposed and the amount of tax that would have been imposed had the assessment been based on the return.
2.    Interest at the rate of 5%* per annum is imposed from the first day after the end of the six-month period. (Interest is calculated daily).
3.    If any instalment of the temporary tax assessment is not paid by the due date, interest at the rate of 5%* per annum is imposed. If no temporary tax assessment was submitted and an assessment is issued by the Inland Revenue, interest at 5%* per annum is payable on the overdue instalment. In addition, a penalty is imposed equal to 10% of the difference between the tax due per the final assessment and the tax per the temporary assessment if the temporary taxable income is less than 75% of the taxable income per the final assessment. (Interest is calculated for complete months).
4.    If the tax is not paid by the due date, interest is imposed at the rate of 5%* per annum. (Interest is calculated for complete months). An additional tax of 5% is imposed in the case where the tax (as this is declared on the tax return) is not paid within 30 days from the date the tax return is due for filing. No penalty is imposed where the tax return is submitted timely, the tax due based on the Tax Return is timely paid and the Inland Revenue makes an assessment after the lapse of three years from the date of submission as prescribed by the law.
5.    Late payment results in the imposition of interest at 5%* per annum from the due date and an additional penalty of 1% per month for as long as the delay continues. (Interest is calculated for complete months).
6.    Late submission results in the imposition of a penalty equal to €51.
7.    Late submission of the return results in the imposition of a penalty of €51 per VAT return.
8.    Late payment of outstanding VAT results in the imposition of a penalty of 10% of the outstanding amount and interest at 5%* per annum of the outstanding amount and the penalty. (Interest is calculated for complete months).
9.    Interest is imposed at the rate of 5%* per annum from the due date.
10.    Late payment results in the imposition of a penalty of 3% for each month of delay as long as the delay continues. The total amount of the penalty cannot exceed 27% of the amount due.
11.    Late submission of VIES results in the imposition of a penalty of €50 for each VIES form.
12.    Late submission of INTRASTAT results in the imposition of a penalty of €8 for each late working day up to 30 working days. If the form is not submitted within 30 working days then fine up to €2.562 may be imposed.
 
* The official rate set by the Minister of Finance applicable as of 01.01.2011 is 5% (5.35% for 2010; 8% for 2007 - 2009; previously 9%).