The last stretch presents the income tax return for the 2021 fiscal year. The deadline for taxpayers reporting to the Treasury is June 30, but the Treasury has prepared a series of sanctions for those who don’t. Do it on time.
In fact, failing to submit the declaration on-time is one of the most common ‘punishments’ each and every year. The penalty for not submitting the declaration on time is a payment of between 50 and 150 percent of your total debt in cases that you have to pay. They warn that a charge can rise if the Treasury believes it has suffered economic harm or if it has been involved in other cases.
They give an example of a taxpayer paying 1,250 euros and could have to pay as much as 3,125 euros. This is “an amount higher than the average savings of households in 2021, which was 252 euro per month, or about 3,000 euros per annum.”
The firm warns that taxpayers who receive the declaration will also be subject to sanctions if the data are not provided. This could be due to ignorance, or simply idleness. The penalty could be as high as 200 euros. They indicate that even if the fine is lower than the refund, it may happen that a taxpayer, who initially was positive, will now have to pay.
The Tax Agency can extend the review period for tax procedures for personal income tax up to four years. The Treasury would then have until 2026 in order to inform the Treasury of any other errors made in management. The request will be sent to the public officials if they discover that the person has not submitted personal income tax. A sanctioning process will also be initiated. This will have different consequences depending upon whether fiscal management decided to pay or return.
Experts say that fines will be assessed based on how long it took to send personal income tax. It will result in an interest rate of 1% if the tax is not paid by the deadline. This means that if the tax is not paid in July, it will be charged in August %….
