Reminder for provisional tax for the Year 2022

Reminder for provisional tax for the Year 2022

Reminder for provisional tax for the Year 2022

We would like to remind you that the 2nd instalment of the temporary tax for 2022 is due for payment by 31st December 2022.

The temporary tax is calculated by applying the relevant tax rates (depending on whether the taxpayer is a legal entity or an individual) on the expected taxable income for the year and is payable in two instalments:

  • 31st July 2022- 1st instalment
  • 31st December 2022(payable until 31st January 2023)-2nd instalment

If any of the two instalments is not paid within 30 days from the due date, interest at the rate of 1.75% per annum is imposed. In addition, in case of a delay payment , a flat 5% penalty on the tax due is payable. If the tax due remains unpaid for a period of two months following the end of the settlement periods as mentioned above, an additional penalty of 5% is charged.

The payment of the temporary taxation can be done through the JCC website (Code 0200), at the following link , or through the tax portal.

Revision of temporary tax assessment for 2022

By 31st December 2022 the taxpayer can revise the calculation of the temporary tax for 2022 by submitting the form TD6(Companies) and T.D.5(Individuals).

In case of an upward revision of the provisional taxable income declared, interest at 1.75% per annum would be imposed on the additional amount of the first provisional tax instalment.

In case of a downward revision, forms T.D.5(Individuals) and T.D.6 (Companies) should be sent to the local District Tax Collection Offices via e-mail. The tax refund can be claimed back only after the submission of the final tax return of the year.

10% additional penalty in case of low estimation of the temporary tax

In case the temporary tax calculated and paid is lower than the 75% of the final tax of the year, the taxpayer must pay an additional penalty of 10% on the difference between the temporary tax and the final tax.

How we can help

We remain at your disposal for the calculation of the temporary tax for the year as well as with payment process.

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