Recent Changes To Corporate Tax Laws

Towards the end of 2012 the Parliament enacted a number of amendments to the tax and company laws. These aimed to streamline administrative procedures and to meet the government's combined commitments to the European Commission, the European Central Bank and the International Monetary Fund, arising from its application for financial support.

The main changes from a corporate tax perspective are as follows: The retention period for documents supporting tax returns filed electronically has been reduced from seven years to six years.

• Employers' returns (Form IR7) must now be filed electronically. The deadline for submission has been extended by three months to July 31.
• Self-assessment tax returns must be submitted by July 31 (previously August 1). The estimated tax is payable in two equal instalments payable by July 31 and December 31 (previously three instalments payable by August 1, September 30 and December 31).