If you or your business are located in one of the areas affected by the devastating Dana storms at the end of October 2024, several fiscal measures have been approved to help mitigate the damage and support recovery efforts. These measures include tax reductions and deadline extensions to ease financial burdens during this difficult time.
Tax Reductions for 2024
The government has introduced the following relief measures to address the financial challenges faced by affected individuals and businesses:
- Exemption from Property Tax (IBI): Damaged properties will be exempt from IBI payments for 2024.
- Business Activity Tax (IAE) Reductions: Businesses that suspended activity due to the storms will receive a proportional reduction in IAE taxes for the period of inactivity.
- Income and Corporation Tax Adjustments: Reductions are available to cover both material losses and personal damages.
Extended Deadlines for Tax Obligations
To further assist taxpayers, the government has extended the deadlines for various tax obligations:
- 2023 Income Tax Declaration: The second payment, originally due on 5 November 2024, has been postponed to 5 February 2025.
- Tax Declarations (28 October–31 December 2024): Tax filings originally due within this period can now be submitted by 30 January 2025.
- Pending Tax Letters: For any tax letters unresolved as of 28 October 2024, the deadline to respond has been extended to 30 January 2025.
Additional Support and Information
These measures aim to provide relief and allow storm-affected individuals and businesses to focus on recovery. If you have questions or need further assistance, please contact us.
