Additional tax returns: when are you at risk of penalties?
It is a well-established rule for most taxable entities that when they file an additional tax return voluntarily, they will not be charged a penalty representing 20% of the additionally assessed tax. The purpose of this rule is to financially motivate taxable entities to voluntarily declare and pay omitted tax liabilities to the tax administrator. However, starting from 1 January 2021, this rule has undergone a significant change due to an amendment to the Tax Code. The General Financial Directorate has even issued a methodical guideline on this topic, explaining the change in more detail.