Flash Report # 8/2011
Decree issuing Law No. 8 for 2011 permitting the Payment of Income Tax for the Financial Year ended 31 December 2010 by installments.
Decree issuing Law No. 8 for 2011 permitting the Payment of Income Tax for the Financial Year ended 31 December 2010 by installments, as follows:
Article # 1
Income Tax declared and reported in the annual tax return filled by individuals or corporations within the due dates for the financial year ended 31 December 2010 can be paid by installments by tax payers, if needed.
Article # 2
The installments can be paid in three equal amounts. The first installment must be paid upon the filing of the tax return within the tax return due date. The two remaining installments must be paid by no later than 30 June 2011.
Article # 3
No fines for delay will be applied provided that the tax payer is committed to pay the tax installments according to the above mentioned decree. Otherwise, fines for delay will be immediately calculated the day preceding the tax return submission due date. Such fines will be calculated on all unpaid amounts.
The above decree law was published in the Official Journal. This authoritative order has the full force of the law and will take effect as from the date of publication, 2 March 2011.