Individual and corporate income tax returns for the tax year of 2022 are expected to be posted on the Department of Taxation’s online platform in the coming weeks, Philenews reported on Friday.
And even though the new online platform Tax For All (TFA) was launched in March, income tax returns will be submitted via TAXISnet Service as in previous years, it added.
This is because for now the implementation of the first phase of the Department of Taxation’s Unified Tax Administration System, Tax For All, only applies to VAT.
Income tax returns via Tax For All will be submitted in 2024 when the other two phases of the system are put into operation.
Therefore, this year individuals will be able to file tax returns for the 2022 tax year from late April-early May until July 31, 2023. Legal entities will be able to submit tax returns until March 31, 2024.
In the meantime, a total of 30,000 taxpayers have submitted their VAT returns through Tax For All while making the required payments.
On Thursday, the Tax Department decided to grant an extension till May 10, 2023, for filing and payment of VAT for the tax period from December 1, 2022, to February 28, 2023.
The original submission deadline was April 10 but the extension granted will make it easier for taxpayers to familiarise themselves with the new online platform, according to Tax Commissioner Sotiris Markides.
