The Government Legislation Centre published an on-line draft of the Finance Minister regulation on the extension of time to submit disclosures on real estate entities (“Proposal”).
You may remember that, under both the CIT Act and the PIT Act, real estate entities and taxpayers are required to submit disclosures to the Head of National Revenue Administration about their interest in real estate entities. The income tax legislation requires these disclosures to be submitted by the end of the third month following each tax year of the given real estate entity or, where such entity is not liable to income tax, following the end of its financial year.
However, the Proposal is to extend this time until 30 September 2022 for real estate entities whose tax year or financial year ended between 31 December 2021 and 31 May 2022.
According to the Proposal, the new law would enter into force the next day after its publication.
Currently the Proposal is being processed by the Legal Committee. We will keep you updated on the progress of this legislation.
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