The end of the year is fast approaching, and some tax deadlines may slip through your mind. With the end of year holidays looming, these deadlines, as you can imagine, are not welcome. However, they are obligatory. What risks do you run if you do not pay “your dues” on time?
If you declare your income late, the tax concerning you will be increased: by 10% in the absence of formal notice, by 20% in the event of late filing of the declaration (within 30 days following the formal notice) , and 40% if the declaration is not filed within 30 days following “receipt of a formal notice”. In addition, if “the administration discovers that you are carrying out a so-called “hidden” activity (undeclared activity/work), an increase of 80% will be applied (without formal notice).”
For income tax, real estate wealth tax, housing tax or even property tax, in the event of delay you are subject to a penalty of 10% of the tax you owe. The 10% applies “if you have not paid your tax within 45 days following the collection date”.
But that’s not all, in addition to this 10%, interest amounts to 0.20% of the tax due per month (2.4% per year). It applies until the last day of the month in which the tax return is filed. But then, what are the 5 key tax deadline dates to know between now and the end of 2023 according to MoneyVox.
Here are the 5 tax deadlines to keep in mind before the end of the year:
