News & Updates

Non-Taxable Individuals Exempt from Income Tax Declaration – FormTD1 2022

Fairfax would like to inform you that The Council of Ministers have announced a new ministerial decree (No.373/2022), that individuals whose gross annual income is below €19,500 are exempt from submitting a personal income tax declaration for the tax year 2022 (Form TD1).

As a reminder, in August 2020 the House of Representatives amended the Assessment and Collection of Taxes Law making it mandatory for all taxpayers to submit tax returns irrespective of their income level.

All other individuals whose taxable income is above the threshold should prepared and submit electronically their personal income tax return within the given deadline that is set by the Tax Department every year.

The expert team at Fairfax  are available should you require any further information or clarifications on this or any other tax issues on accounts@fairfaxyeaman.com or by calling +357 25558025