Amendment to law no. 8438, dated 28.12.1998 “On Income Tax”
The Council of Ministers adopted the Normative Act no. 10 dated 26.03.2020 “On an amendment to the law no. 8438, dated 28.12.1998, “On Income Tax”, as amended”.
This Normative Act extends the deadline for submission of the financial statements for the year 2019, as well as the deadlines for filing of profit tax return for the year 2019 and prepayment of profit tax for the year 2020 for small taxpayers with annual turnover up to Leke 14 million.
New deadline for financial statements filing
According to the Normative Act, all taxpayers are required to file with the tax authorities by July 31st, 2020 their financial statements for the year 2019.
New deadlines for payment of profit tax for taxpayers having an annual turnover up to Leke 14 million
The deadlines below apply to the taxpayers having an annual turnover up to Leke 14 million per year
- Filing of annual tax return for the year 2019 and payment of the tax on profit due for this year to be made during second semester of the year 2020;
- Prepayment of the profit tax (all instalments) of the year 2020, shall be made within December 31st, 2020.
The other taxpayers will have to file the tax return for the year 2019 and pay the profit tax due by March 31, 2020. The first quarter instalment of the profit tax prepayment is due as well by March 30, 2020.
The provisions of the Normative Act enter into force immediately.
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