Income tax in India

An intensive effort by Cyprus' Tax Department in recent months has resulted in rebates of over 70 million euros of excess taxes, with an additional €200 million expected to be paid, according to the head of the department, Sotiris Markides.

He emphasized that the Tax Department aims to clear all outstanding corporate and individual taxpayer rebates by the end of 2023.

Two weeks before the deadline for the submission of income tax declarations on June 30, some 4 million taxpayers have not yet uploaded their statements for last year's income, which makes a deadline extension increasingly likely.

In a bid to bolster growth and cover the ground lost this year as soon as possible, the government is considering a second reduction to the corporate income tax deposit in 2021, as a bonus spurring enterprises to carry out investments next year.

The submission rate of 2019 income tax declarations is growing, according to data from the Independent Authority for Public Revenue (AADE), with most processed statements incurring no additional tax.

The Finance Ministry is considering a new extraordinary measure for the payment of taxes this year, in more installments than normal, after a better-than-expected performance of public revenues in March.

The Finance Ministry has extended the deadline for the submission of declarations concerning a number of categories in order to assist corporations, accountants and tax experts which are currently facing a struggle to support the economy, as it said in a statement.

The lower house of Bosnia's Federation entity parliament backed a law on hydrocarbon taxation on Wednesday evening, hoping to add 30 per cent to the current corporate income tax on oil that might be produced in future.

Nearly three-quarters of Romanian entrepreneurs argue that they are against reintroducing criminal liability for the non-payment of taxes and contributions, according to a survey conducted by The National Council for Small and Medium-sized Private Enterprises in Romania (CNIPMMR), released on Tuesday.

Greek workers, retirees and self-employed professionals will see a significant reduction in their tax bills in 2020, says a bill that reduces the lowest income taxes to 9 percent from 22 percent for income to 10,000 euros, Kathimerini reported.

The bill will also include provisions for construction and tax cuts on business profits.

The Finance Ministry is informally granting taxpayers an extra day for the submission of their income tax declarations for 2018, pushing the deadline back from midnight on Monday to midnight on Tuesday.