The National Revenue Agency (NAA) will notify by letters or phone calls the individuals for whom there is information that they received income last year, but did not declare it or declared it incorrectly, the agency announced.
The NRA will send letters and contact persons for whom inaccuracies in the declared data or discrepancies in the data compared to the information available to the Agency have been established. These persons must submit a corrective annual tax return under Art. 50 of the VAT within 14 days of receiving the official notification of this from the revenue agency.
The Agency recommends using the Electronic service “Acceptance of Annual Tax Return under Art. 50 Law on Personal Income Taxes”, which is accessible through a personal identification code (PIC), issued free of charge by the National Revenue Agency, or through a qualified electronic signature (KEP) and located in the e-portal of the revenue agency “Services”, ” Income Taxes’. Before submitting the declaration through an electronic service, individuals must review the information in it and supplement and/or correct it if necessary.
You can get information on income declaration and assistance by calling the NRA Information Center on 02 9859 6801 and 0700 18 700. The phone call is the price of a landline call from all over the country for subscribers of Vivacom fixed services. Calls from mobile phones and other fixed networks to the NRA Information Center phone are charged at the standard rate of the respective mobile operator.
How can taxpayers keep accurate records to avoid issues with the National Revenue Agency?
Interview Between Time.news Editor and Tax Expert on Revenue Agency Notifications
Time.news Editor: Welcome to our segment today! We’re diving into a pressing topic that concerns many individuals: income declaration and its implications. We have a special guest, Tax Expert Dr. Anna Petrova, joining us. Thank you for being here, Dr. Petrova!
Dr. Anna Petrova: Thank you for having me! I’m excited to discuss this important topic.
Editor: Let’s get right into it. The National Revenue Agency (NAA) recently announced that they will notify individuals—those who may not have declared their income correctly, or at all—via letters or phone calls. What does this mean for taxpayers?
Dr. Petrova: This means that the NAA is taking steps to ensure compliance among taxpayers. It’s a proactive move to address potential discrepancies. People might receive a notification if they have unreported income from last year, which could lead to additional scrutiny on their tax returns.
Editor: That sounds serious. What are some common reasons why individuals might fail to declare their income correctly?
Dr. Petrova: There are a few reasons. Some individuals might not fully understand their tax obligations, especially if they have gig economy or freelance income. Others might simply forget to include certain sources of income or may not realise that certain activities require reporting. Mistakes can happen as well, particularly in complex financial situations.
Editor: Those are indeed valid points. What’s the potential impact on someone who receives such a notification from the NAA?
Dr. Petrova: The impact can vary. If someone receives a letter, it’s crucial they respond promptly and clarify their situation. Failure to do so could lead to audits, penalties, or even legal repercussions. The NAA has provisions for penalties, especially for willful neglect or fraud.
Editor: We’ve touched on consequences. Would you advise individuals to take any specific actions upon receiving such a notification?
Dr. Petrova: Absolutely! First and foremost, they should carefully review the notification and their tax records. If they suspect they’ve made an error, it’s wise to seek professional advice right away. Correcting any mistakes before the agency reaches a conclusion can mitigate potential penalties.
Editor: What steps can taxpayers take to ensure they’re compliant in the future?
Dr. Petrova: Keeping accurate records is vital. Individuals should track all income sources, no matter how small, and retain documentation throughout the year. Additionally, leveraging tax professionals or accounting software can help in correctly filing taxes, especially for complex income situations.
Editor: Great advice! As a final note, do you think this move by the NAA will help improve overall tax compliance in the long run?
Dr. Petrova: I believe it will. Raising awareness of compliance and issuing notifications can incentivize individuals to be more vigilant in their reporting. Transparency is key to building trust in the tax system, and these efforts will likely encourage more people to declare their income accurately.
Editor: Thank you for your insights, Dr. Petrova. This has been incredibly informative for our readers.
Dr. Petrova: Thank you for having me! I’m glad to contribute to this important conversation.
Editor: And to our audience, remember to keep your finances clear and well-documented. Take care and ensure you’re on the right side of tax compliance!