Settlement of the 2023 severance pay substitute tax and handling of any credit for offsetting via the F-24 form
- February 2, 2024
- Reading time: 2 min
News Flash No. 5/2024
Due to the significant reduction in the revaluation rate for severance pay (which was nearly 10% last year but has dropped significantly this year to 1.944162%), the calculation of the substitute tax balance resulted in a credit, due to the fact that the advance payment was based on the rate of 9.9745%, effective as of December 31, 2022, while the balance was calculated using the rate effective as of December 31, 2023.
As a result of the reduction in the TFR revaluation rate, the amount that companies paid by December 18, 2023, actually exceeded the total amount due for 2023, resulting in a credit balance.
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