As last year, the range of fulfillment obligations of December 20 concerns EVA-paying companies as well.
So for this period tax liability of these companies shall be calculated not only from the revenue recognized on the basis of the trial balance (ltd.) and the revenue records (limited partnership), but also, considering the expected revenue, the revenue of the last quarter shall be estimated.
The most important questions concerning this issue are as follows:
Who is subject to this fulfillment?
Every EVA taxpayer shall pay up to the expected amount of tax payable in the relevant tax year until the 20th of the last month of the calendar year.
What is the fulfillment deadline?
The fulfillment deadline is December 20, 2013.
Pursuant to the law, the tax is deemed to be paid the date on which the account of the taxpayer has been debited by the financial institution (so it is not enough just to submit the transfer order). In case of a transfer from another type of tax, provided that there is enough collateral, the payment date is deemed to be the date of filing of this application.
What are the consequences of inadequate fulfillment?
The amount paid shall be equal to the expected annual tax liability; however, default penalty can be imposed only if the payment is less than 90 percent. The expected amount of tax shall be estimated by the taxpayer based on the available data.
The rate of default penalty can take up to 20% of the difference between tha advance paid and 90% of the tax. It is important to know that there is no upper limit for the mount of penalty, it is only limited in 20% of the penalty base and even is the penalty is of low value, it is still imposed by the Tax Office.
Those who do not meet the fulfilling requirements will be fully fined by the tax authority, of which taxpayers will receive a resolution and a penalty shall be paid within 15 days. If it is not met, late payment penalty will also be imposed on the taxpayer.
If fulfillment is not completed or the company has any public debts, they will be eliminated from EVA taxpayers, so pay special attention to the exact transfer.