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Single tax account and changes to income tax payment and employer reporting procedures in 2021 (3/41/20)

To ease the administrative burden, all national budget payments administered by the State Revenue Service (“SRS”) will go into a new single tax account replacing the current tax accounts from 1 January 2021. The Cabinet of Ministers’ Rule No. 827 and the Personal Income Tax (“PIT”) Act will be amended to set new deadlines for paying PIT and national social insurance (“NSI”) contributions and filing employer reports. This article explores the expected changes and key amendments.

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