Tax administration is being tightened in several directions.
According to the new tax bill, the changes will affect both
individuals and legal entities.
One of the changes, coming into effect starting 2024, will
concern the additional income ( i.e. the difference between the
sale and purchase prices of the real estate) received by the
individual from the sale of a real estate, if such income is
subject to taxation, individuals will be obliged to declare and pay
accordingly income tax much earlier. The taxation period will
change from 1 year to 1 month. So far, such income received during
the calendar year, was taxed no later than 1st of April
of the following calendar year. Starting 2024-year, such income
taxation will be due no later than the 15th of the
following calendar month from the moment of receipt of the
income.
