Financial transparency is becoming not only an expected norm but also a legal requirement. It is essential to grasp the seriousness and potential consequences carried by failure to report income.
This is not a matter of formality — it is a matter of your financial security and of avoiding potentially catastrophic financial consequences that can jeopardize your future and effectively nullify all your work, effort and dedication.
The Risk of Not Reporting Income — More Than a Fine
The law is clear and unyielding:
- Failure to report 2023 income can result in the Tax Administration unilaterally determining your tax and collecting up to 80% tax on the unreported income
- When an individual or company intentionally fails to report full income, this can be qualified as a criminal offense
- If assets are found not to have been adequately reported or taxed — there is a risk of asset seizure
Reporting demands your full attention and an appropriate response.
Are You Obligated?
You are required to report income if in 2023 you earned income from:
- Self-employment
- Property (including lease and sale)
- Capital gains
- Earnings from two or more employers — if the total monthly gross amount exceeds EUR 700
- Sports activities
- Copyright and related rights, patents, trademarks and income of independent professionals in culture
- Other personal income from freelancing, consulting services, various receipts from abroad — or other income for which tax has not been paid (and even in certain cases where it has)
The Protection Finance Plus Provides
At Finance Plus we are deeply aware of the seriousness of this situation — and we are committed to delivering protection and security through our services.
Pursuant to the Rulebook on the form and content of the annual return for assessing and paying personal income tax, you are required to complete and submit the GPP-FL Form no later than 30 April 2024 — together with the relevant attachments, to the competent tax authority at your place of residence or stay.
You may do this:
- In person
- By mail
- Electronically
A Lesson from Serbia — Freelancers and Debts
Modern technologies and methodologies enable the Tax Administration to identify unreported income with ease:
- Reviews of bank statements
- Property registers
- And various other tools
This means hiding income has no future. The example of freelancers in Serbia serves as a clear warning — they were met with tax assessments and debts for prior years, as a result of an intensified tax audit process.
The situation was so serious that it caused significant panic in freelancer circles.
In Montenegro the problem could potentially be even greater — because of the law provision envisaging a 80% tax on unreported income.
Conclusion
Do not allow unreported income to become a burden that will hinder your financial progress. Take steps today to ensure your tomorrow is free from financial uncertainty.
Do it right. Be protected. Choose a future free of financial worries — be in the safe plus with Finance Plus.
Contact Finance Plus for the preparation and submission of the GPP-FL return.
