Internal Revenue Service

Ljubljana – The business daily Finance disputes in Monday’s commentary the provision in the government’s draft income tax act that would reinstate unlimited tenure for the chiefs of local tax offices, arguing that this paves the way for “nepotism, corruption and the creation of parallel mechanisms” that are damaging to a young democracy.

Prime Minister Florin Citu on Tuesday said, at a discussion with representatives of the Coalition for the Development of Romania, that he wants the tax system to remain the same at least until 2024, without tax increases. "Since our last discussion, we also have a Minister of Finance whom you could have a dialogue with.

The U.S. Justice Department ordered the Treasury on July 30 to hand Donald Trump's tax records to Congress, in a major break in an investigation involving former president's finances launched in 2019.

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Ljubljana – The opposition-controlled Commission for Oversight of Public Finances debated on Wednesday the impact of the proposed tax reform on public finances, with one of the adopted conclusions assessing the reform as an inappropriate fiscal response to the current crisis.

Budget data for 2020 showed that the health crisis resulted in a considerable contraction in tax revenues, which missed their target by 7.6 billion euros. The lockdowns, the furloughs and the drop in corporate income tax deposits were the main reasons for the slump in tax takings, which is expected to continue in the first quarter of this year.

The Finance Ministry is drafting a plan for taxpayers to repay the debts that have accumulated during the pandemic so that enterprises and freelance professionals can start looking ahead again.

The debts to the state that have been suspended for now exceed 3 billion euros, while the pool of expired dues has grown by about €5 billion since the start of the year.

Today, 11 January the tax campaign for physical persons' incomes received in 2020 has been launched, reminds the National Revenue Agency.

The declaration and payment of income taxes received last year can be made electronically - via personal identification code or electronic signature, or on paper - either by post or physically in an office of the revenue agency.

Two weeks before the deadline for the submission of income tax declarations on June 30, some 4 million taxpayers have not yet uploaded their statements for last year's income, which makes a deadline extension increasingly likely.

Prime Minister Kyriakos Mitsotakis announced on Friday four new government initiatives meant to prop up hard-hit households and businesses, including an increase in the number of installments for income and property taxes and a small discount for the payment of annual tax dues in a lump sum ahead of the deadline for the first tranche.

Tax breaks, the settlement of dues in installments, and discounts for households and businesses are among the government's plans for supporting the state budget in terms of revenues and spending.