Taxpayers’ Obligation for Personal Income Tax Returns

The Amending Law to the Assessment and Collection of Taxes Law (L.126(I)/2020) has introduced an obligation on all taxpayers to submit a personal income tax return, irrespective of their income.

In addition, the Amending Law affords the Council of Ministers with the power to issue a Decree stating the criteria on which individuals with a gross income below €19,500 may be exempted from the obligation to submit a personal income tax return (see below).

Submission Exemption from Personal Income Tax Return for 2020

The Council of Ministers has issued a Decree (RAA 288/2021) according to which individuals who, during the year of 2020, have a gross income that does not exceed €19,500 are exempted from the obligation to submit a personal income tax return for 2020.

Deadlines Extended due to Covid-19 Pandemic

The Assessment and Collection of Taxes Law of 1978 (L.4/1978), as applicable today, has recently been amended to extend the following tax return deadlines to 30 September 2021:

• Electronic submission of individuals’ personal income tax return (TD1A) for 2020 and payment of final tax due as per the relevant income tax return;

• Electronic submission of employers’ tax return (TD7) for 2020; and

• Payment of provisional tax for 2020 (2nd instalment).

These extensions have been granted to account for the prolonged duration of the Coronavirus disease (COVID-19) pandemic and associated adverse financial consequences.

ServPRO: Your trusted tax partner

Our Tax Department has been thriving for over a decade, with our clients seeking our professionals’ advice and assistance in all aspects relating to taxation for corporates as well as individuals, in line with the latest local and international tax developments.

Our clients entrust us with the structuring of their operations in a way that incorporates the applicable tax incentives and ensures their compliance with any and all of their tax obligations and filing of their tax returns. The exceptional quality of our tax professionals is the reason why our clients select us to be their entrusted tax partners.

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