The State Tax Service said that following the approval of legislative amendments, the employers will have to recalculate the income tax of employees earned between January 1 and June 4. The tax bodies will not impose penalties referring to the recalculation of private individuals’ income tax for the given period, IPN reports.
According to the Service, the income tax of private individuals will be recalculated and shown in the first report (Form IRV14), which will include the income tax payments after the coming into force of the given amendments. The income tax will be adjusted to the difference that results from the size of the exemption that was to be used for the periods subject to recalculation and the size of the used exemption. The cumulative income formed when the salary for June is paid will be fully taxed.
The private individuals who stopped work on a temporary or permanent basis in the period between January 1 and June 4 will have the exemptions and payments reviewed after presenting the income statement to the local tax inspectorate, not later than March 25, 2016.
As regards the private individuals who work and present fiscal reports monthly, namely the notaries and bailiffs, these will recalculate the income tax for each separate month and will submit the corrected report for January – May to the local tax inspectorates.
