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Fin Min Gives One Last Chance to Taxpayers and Companies to Declare Hidden Income

The Finance Ministry has given individuals and firms until May 31, 2017 to come clean about incomplete tax declarations.
There is a new draft law which provides for a lower tax and fine if people with undisclosed income come forward of their own accord. The bill states that a minimal of 30 percent tax of the total hidden amount must be paid, or in the case of assets, 30 percent of the total value. The total amount payable could reach up to 60 percent.
The money that taxpayers have concealed will have taxes and fines that must be paid according to a new scheme if it cannot be paid off in a 30-day period from the date of claim.
The new scheme of payments allows for individuals and firms to pay off the taxes and fines over 12 or 24 installment payments.
There will be penalty taxes added to the amount due for those who file past March 31 — a minimum of 8 percent. For tax submissions between April 1 and the May 31 deadline there will be a minimum 10 percent tax. The maximum tax penalty is 25 percent for declarations that are 15 years overdue or greater.

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