If you fail to report income, the tax inspection is entitled to assess 80% tax on the difference between the reported and the determined income.
Why this rule matters
This mechanism was introduced in order to:
- Prevent systemic tax evasion
- Ensure fair distribution of the tax burden
- Protect taxpayers who report income in a timely and accurate manner
Practical advice
- Report all sources of income — whether resident or not, domestic or foreign
- If in doubt — it is better to consult an accountant than to pay 80% later
- The deadline for GPP-FL is 30 April of the current year for the previous year
Need help with income reporting or the GPP-FL form? Contact Finance Plus.
