Every taxpayer is obligated every year to fulfill various tax obligations as required under current tax legislation. If the appropriate documents are not sent by the deadlines, it is possible to benefit from late announcements with a fine. If this is not done even late, very heavy fines are imposed by the Revenue Agency for those who do not submit this important tax document during the deadline. We are talking specifically about the tax return and below we are deepening the aspects of the sanctions.
The obligation to send tax documents
Filing a tax return relates to an important tax liability according to which taxes that everyone must pay each year are determined. Action Except for some casesTransmission is mandatory. There is talk of not sending data if the taxpayer does not send the data 90 days after the deadline date.Previous art. 2, Paragraph 7 of Presidential Decree No. 322/1998. Everyone who submits a PF income form, Form 730, or VAT return must know the submission deadlines.
Heavy fines are imposed by the Revenue Agency for those who do not submit this important tax document within the deadline
Late filing for tax returns can be done through diligence. This measure also determines fines to be calculated in proportion to the tax owed. In general, the penalty amount corresponds to 30% of the tax.
On the other hand, the non-transmission of data varies, resulting in much more severe penalties. Let’s start with the least expensive cases. If the taxpayer fails to file a VAT return and there are no taxes to be paid, the penalty ranges from a minimum of € 250 to € 2,000. A similar situation can occur with the tax return and IRAP not being submitted. The fine here ranges from a minimum of 250 euros to 1,000 euros. The consequences for failing to file a tax return, VAT, and IRAP are much heavier with taxes owed.
The penalty is calculated as a percentage of the taxes owed and the increase ranges from a minimum of 120% to 240% of the taxes owed. This is art. 5 Paragraph 3 of Legislative Decree No. 471/1997. For example, suppose the tax owed by the taxpayer is € 10,000. A 120% increase will bring it up to € 22,000. On the other hand, if the maximum penalty is applied, the amount of € 10,000 will be € 34,000. As you can see, hefty fines are imposed by the Revenue Agency for those who do not file this important tax document within the deadline. For this reason, it is always a good idea to keep in mind the fiscal calendar for each.