Authorities introduce new provisions regarding the early education incentive

The authorities recently introduced a number of amendments relating to early education: 

• The value of early education expenses incurred during November 2020-March 2021 in excess of corporate tax is to be deducted from the amount of withheld salary tax, due value added tax or due excise duty, in that order, based on a regularization statement.

• The regularisation statement must be submitted by 25 April 2021, with the following exceptions:

1. Taxpayers with a modified fiscal year must submit their regularisation statements by 25 August 2021 or the 25^th day of the sixth month following the end of the modified fiscal year
2. Taxpayers who apply the pre-payments system must submit their regularisation statements by 25 March 2022 or 25 June 2022, as the case may be.

 Source: Emergency Ordinance no. 30/2021 regarding various tax measures, as published on 21 April 2021.