How to submit an annual income statement


Information published on 29.04.2019.

If you perform an economic activity or are an individual merchant, or the owner of an individual company, peasant or fishing farm, who payspersonal Income Tax (IIT)then you must make the annual income statement mandatory.

If you do not perform an economic activity, but you areIIT payerfor example, a worker, you may submit an annual income statement on a voluntary basis in order to receive the return of an overpaid IIT for eligible costs (education, medicine, etc.).

The calculation of the declaration is affected by the implementation in 2018advanced IIT Rateand the differentiated non-taxable minimum. The IIT rate and the differentiated non-taxable minimum depend on the total revenue generated during the year (read more in the headings “Voluntary Annual Income Statement” and “Non-taxable minimum and tax overpayment or premium”).

All citizens who have received income subject to IT,State Revenue Service Electronic Statement System (SRS EDS), it is recommended to follow the tax incentives applied during the year and the projected non-taxable minimum by the State Revenue Service (SRS) in its salary tax book in order to make sure that they are in line with real income. It depends on whether, when making a declaration, the State pays back to the IIT or whether it itself will have to be paid. Since 2018, the income statement has to be made mandatory even if the PIT is to be paid.

The annual income statement shall aggregate all income and expenditure during the year and shall calculate:

  1. The amount of the amount that the person will be able to receive from the State for the overpaid IIT;
  2. Or, on the contrary, how much is the outstanding share of IIT that a person himself has to pay in the budget.

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1. When should the annual income statement be made on a voluntary basis? 1. When should the annual income statement be made on a voluntary basis?
2. When should the annual income statement be made mandatory? 2. When should the annual income statement be made mandatory?
3. What are the eligible costs? 3. What are the eligible costs?
4. Drawing up documents supporting the eligible expenditure? 4. Drawing up documents supporting the eligible expenditure?
5. Status of the income tax payer 5. Status of the income tax payer
6. Presentation of the declaration for 2018 and beyond, what should be taken into account? 6. Presentation of the declaration for 2018 and beyond, what should be taken into account?
7. Submission of an annual income statement? 7. Submission of an annual income statement?

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