Tax alert

Prakas No. 625 MEF.PrK The Amendment of Article 3 of Prakas No.. 071 MEF.PRK.GDT

insight featured image
On 10 October 2024, the Ministry of Economy and Finance (“MEF”) issued Prakas No. 625 MEF.PrK which sets forth the tax incentives for voluntary tax returns amendment shall be amended as follows:
Contents

 

  1. Taxpayers or withholding tax agents can request voluntary amendments on their accounting records and tax returns until June 2025. This exemption applies to requests made before August 2024 for transactions incurred before that date, but not for those incurred from August 2024 onwards. The exemption is also applicable for requests made during a tax audit, where the amendment is made before tax auditors find taxpayers' or withholding tax agent's mistakes, if there is no meeting on the audit result. 
  2. Tax returns, if amended during a tax audit, may result in additional tax of 10% and interest of 1.5 percent. This is in accordance with effective tax laws and regulations. Taxpayers or withholding tax agents must pay these additional taxes and interest, which can be offset with the additional tax and interest from the tax audit result.

 

During the tax incentive period, medium and large taxpayers must submit monthly tax returns through e-filing systems and annual TOI e-filing systems, while small taxpayers must submit them at a time and place determined by tax administration or the GDT Tax Prefiling App. Taxpayers must also maintain accounting records and information related to business activities in accordance with tax laws and regulations.

Prakas No. 625 MEF.PrK
Tax Alert

Prakas No. 625 MEF.PrK

Download Prakas No. 626 MEF.PrK [1325 kb]