The rental campaign began with a clear deadline, and while there is time to complete the work by June 30, it is wise to act now. Procrastination can lead to forgotten obligations, especially if there is a belief that an overpayment to the treasury will be returned after a last minute rush.
If the income statement is not prepared when required, penalties can apply. In some cases a penalty of up to 20 percent of the amount owed may be assessed due to delays in filing. The minimum penalty can be five percent. If the tax authorities must issue a refund, a fixed penalty of 100 USD may be imposed.
Beyond this, taxpayers may face additional penalties for mistakes such as incorrect calculations of declared income, failure to provide a Tax Identification Number or equivalent, and the submission of incomplete or forged documents.
The most common mistakes in the income statement
The incorrect tax address is another frequent error. This refers to the location where the taxpayer is registered, whether a natural person or a legal entity. It may seem small, but the tax office can levy a fine of up to 100 USD for this issue if the address is wrong on the filing documents.
Therefore, it is important to carefully review all tax data such as withholdings and income. The information required to complete the income statement is available on the tax authority website, and it is useful to verify details before submission.
If an error is discovered after filing, an amended declaration must be submitted to correct the records and reflect accurate information.