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The Tax Department has announced that the deadline for electronic submission of declarations for SDC and GHS contributions withheld on interest (T.D. 602) and dividend (T.D. 603) payments has been extended to March 31, 2022.
Following our previous alert dated January 13, 2022, the Tax Department has announced that the deadline for electronic submission of declarations for SDC and GHS contributions withheld on interest (T.D. 602) and dividend (T.D. 603) payments has been extended to March 31, 2022. After this date, a fixed penalty of €100 will be applied to all submissions. It should be noted that t he extension does not apply to the payments and thus, the statutory deadline for paying SDC and GHS contributions withheld from actual dividends paid or deemed dividend distributions as at December 31, 2021 (out of profits for 2019) remains January 31, 2022. (with an additional month of grace period for settlement without interest and penalties). Payments should be remitted through internet banking, using the unique Payment Reference Number (PRN) provided by the Tax Portal after the liability has been created (self-assessment). Interest and penalties will apply to payments made after February 28, 2022. Furthermore, as per the announcement, the Form T.D. 623 for Deemed Dividend Distribution (DDD) has been effectively replaced by Form T.D.603. To ensure that the form is considered related to DDD, taxpayers must confirm this by answering the question "Does the dividend relate to Deemed Distribution?" as shown below:
It should be noted that Form T.D. 603 for DDD must be submitted starting from 2019 (year of profits: 2017) if there was an obligation to withhold SDC and/or GHS contributions on the deemed dividends.
How we can assist you?
We are always at your disposal to discuss any questions you may have and to assist you with the preparation and submission of declarations.
*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.
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