Declaration of tax-exempt income

3. 12. 2015

On 1 January 2015, a provision came into force that imposes an obligation on natural persons to also declare income that is exempt from income tax to fiscal authorities if it exceeded 5 million for the tax period. This measure should help the state in the fight against tax evasion.The information provided in a special report must include the amount of income, the circumstances under which the income was created, and the date of creation of income. This only applies to income; the related costs are not taken into account for these purposes. The obligation to declare income does not apply to transactions that can be verified by the tax administrator in the databases to which it has access (e.g. in the land registry). Reports can be submitted immediately upon creation of income; the latest date is the same as the date for filing tax returns. The report form is available on the website of the tax administration.

Failure to comply with the reporting obligation may lead to a sanction of 15% of any non-declared income.

Although this requirement has been included in the legislation since the beginning of the year, it will first apply to most taxpayers when compiling tax returns for 2015.

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