Improving the Tax Return Submission Process
Once the tax return submission process is completed, it undergoes review by the National Economy and Finance Ministry and the Independent Authority for Public Revenue (AADE). This review aims to address the confusion that arises every year during tax season.
Solutions are being sought to ensure that entities sending taxpayer data to the tax administration, such as salary certificates, allowances, interest, dividends, and more, fulfill their obligations accurately and in a timely manner. Despite promises made by decision-makers to address these issues, little progress has been made so far.
Each year, as tax declarations are filed, requests for extensions flood in. One proposed solution is to impose penalties on entities that fail to provide data promptly and consistently.
The recurring issues observed each year include errors in returns’ codes, missing data from certain agencies, accountants seeking deadline extensions, and taxpayers procrastinating until the last minute. It is imperative that these issues are addressed to streamline the tax return submission process and improve overall efficiency.
Deadline Extension Expected for Tax Declarations
Every year, just before the deadline, there is a rush of tax declarations pending to be filed, with around 2 million declarations left to be submitted. Similar to previous years, it is anticipated that the deadlines will be extended this year as well.
