TAX SYSTEM
The tax collection is based on the taxpayer's declaration supplemented by a third-party withholding system for some incomes. Most permanent establishments pay the tax on a monthly basis by the 20th of the month at the latest. This is calculated on the basis of one-twelfth of the income declared the previous year. Taxes due must be paid before March 25th for individuals and March 31st for businesses. The taxpayer must file his annual return within 3 months after March 31, which is the end of the fiscal year. Variable penalties are provided in case of non-compliance with these deadlines. The tax authorities reserve the right to carry out reassessments for a period of ten years following a tax audit. The taxpayer has the opportunity to appeal within three months of notification of the decision. In case of adjustment, the payment is due at the latest one month later, whether the taxpayer objects or not.
The taxable income of the business is determined after taking into account some depreciation deductions, loss carry-overs for a period of five years and the integration of taxable expenses, exceptional income and fringr benefits.
