0:43 22 May 2024
GUS: Introduction of cash PIT for entrepreneurs will complicate taxes
The Central Statistical Office (GUS) warns that introducing cash-basis PIT for entrepreneurs will complicate accrual method accounting in national accounts. The draft amendment to the Personal Income Tax Act allows entrepreneurs to choose the cash method, paying taxes when payments are received rather than when they are due.
This mixed reporting will affect national accounts under EU Regulation No 549/2013 (ESA2010). GUS requests detailed information on taxpayers and cash-basis tax payments to adjust national accounts accordingly. The bill is currently under consultation. This change aims to simplify tax processes for entrepreneurs but poses challenges for national economic statistics.
Source: ISBnews
