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Urgent Tax Warning: First Income Tax Installment Due June 30th, Avoid Costly Penalties
Madrid, Spain – Taxpayers in Spain are urged to complete their first income tax installment payment by the crucial deadline of June 30th. A financial expert, known online as 'taxingplanner', has issued a stern warning regarding the consequences of late payment. According to the expert, failure to pay the initial 60% installment by the specified date will lead to the automatic cancellation of the payment fractionation plan. Furthermore, a significant surcharge will be applied to the entire outstanding tax debt, not just the missed installment. The expert highlighted a past case where a taxpayer who missed the first installment received a letter demanding a 20% surcharge on their full tax liability. This underscores the importance of adhering to the deadline to avoid unexpected financial penalties. Taxpayers who have opted to pay their income tax in two installments must ensure the first payment is processed on time to prevent the entire debt from becoming due immediately, along with additional charges. This information is particularly relevant as the end of the tax period approaches, affecting countless individuals across the country.
