A deferral or installment plan for taxes

Special edition №64

In brief

The law allows for a tax deferral or installment plan, if there are objective reasons for difficulty in paying taxes.

In detail

The plan is obtained by submitting a well reasoned application to the tax authority, at the place of registration of a legal entity or at the place of residence of an individual.

Deferral with a one time payment is granted for a period not exceeding 6 months. An installment plan with monthly or quarterly payment, is granted for a period not exceeding 3 years..

A tax deferral is secured against the property of the taxpayer or a third party or with a bank guarantee. If obtained, the amount of tax is "frozen" until the due date.

After receiving a valid application, the tax authority makes a decision on postponement within 15 calendar days.