Remember. The Inland Revenue will collect the second instalment of the Income Tax Return in November.

Next November, many taxpayers will be in for a surprise when they receive a bill related to the result of the last Income Tax Return from the Tax Agency.

It is possible that many do not even remember it, but when making the Income Tax Return and if you had to pay, you could choose the option of paying in instalments, so that once the first payment had been made (on 30 June), the last one remained to be paid. This is something that is often forgotten, but it is important to remember that in November the second payment will be made by the Tax Agency.

When will the Inland Revenue collect the second payment of the Income Tax Return?

The Ministry of Finance and Public Administration has announced that those obliged to pay income tax can choose to split the amount in two payments. The first, which corresponds to 60% of the total, is made when filing the tax return. In other words, this part has already been paid.

The second, the remaining 40 percent, is to be paid in November. In fact, the date is 6 November, so that on that day taxpayers must have a sufficient amount in the bank account provided to the public body for the payment to be made.

The person who is to be charged can choose to pay the amount due before the deadline, either “by transfer (with acknowledgement of debt)” or by deposit document, which will allow payment to be made “through a collaborating entity”.

For more information contact Global Consulting