Provisional tax - second instalment

The deadline for the second instalment of the provisional tax for the year 2024, as well as for revising the provisional assessment (if needed) is 31 December 2024.

The persons subject to a provisional tax assessment are:

• Physical persons with income other than salaries, pensions, dividends and interest
• Companies with taxable profit

Payment of second instalment

The second instalment of the provisional assessment can be paid, through the "Tax Department - Tax Portal", within one month from the payment deadline i.e. 31 January 2025, without any interest or penalties.

Any late payment will carry interest at the current rate of 5% p.a. plus a 5% flat penalty on the tax due. If the tax remains unpaid two months after the above due date, an additional penalty of 5% may be imposed by the Tax Department.

Revising the provisional assessment

Where the provisional taxable income declared is less than 75% of the final taxable income for the year, an additional tax of 10% is imposed on the difference between the final tax due and the provisional tax paid.

Tax payers have the opportunity to revise their provisional assessment through the Tax Portal by 31 December 2024. After this date, revising the assessment would not be possible.

In case of a downwards revision, the Revised Taxable Income for the whole year is declared and the payment of the remaining, reduced second instalment is made.

In case of an upwards revision, the Revised Taxable Income for the whole year is declared and the additional amount of the first provisional tax instalment will also need to be settled by 31 December 2024, with interest at 5% p.a. for each complete month of delay. The amount of the second provisional tax instalment can be settled until 31 January 2025 without interest or penalties.

It should be noted that individuals with income other than salaries, pensions, dividends and interest are also subject to General Health Scheme contributions under provisional assessment.

PGE&Co remains at your disposal for any clarifications and for further assistance that might be needed on this or on any other matter.