For companies

Corporate income tax payers must submit annual tax declarations together with their annual financial statements by 30 April, or 31 July in accordance with specific criteria stipulated by law.

We would like to draw your attention to the fact that by completing your declaration sooner, you may have the opportunity to significantly improve your company’s cash flow assessment, thereby saving on your advance tax payments:

·        Until the 2008 declaration is submitted, the income tax paid by the company in 2007 will serve as the basis for the 2009 advance tax payments;

·        Overall, companies had much better financial results in 2007 than in 2008, and therefore paid more tax;

·        If 2008 was not such a good year, by making advance payments based on actual tax for 2008 sooner, your company can reduce the amount of advance payments.

When preparing your tax declaration, do not hesitate to ask for advice from our tax professionals – you can save you time searching for answers to important questions!

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In the event that a reduction in net turnover or changes to the income and expenditure structure is forecast, we recommend that you consider applying to the State Revenue Service to reduce your advance payment even further.

For individuals

We encourage individuals who have deductible expenses for the year, for example medical and therapeutic expenses, educational or qualification improvement expenses, insurance premium payments, payments into private pension funds or charity donations, to submit an annual income declaration and obtain a refund for overpaid personal income tax. The sooner a declaration is submitted, the sooner overpaid tax is refunded – the deadline for refunds to be paid is three months from the day of submitting the declaration.

We would like to inform you that the new personal annual income declaration form has been approved*, which in essence maintains the form and procedure for completion of the previous personal annual income declaration form.

* Cabinet Regulation No. 149 of 17 February 2009 "Regulations on residents’ annual income declarations and the procedure for completing them".