Ministry of Finance: One Last Chance to Take Advantage of Tax Concessions

Bookmark and Share

Sunday - 28 August 2022 - 2:0 PM

newphoto

 

The Ministry of Finance urged people to pay their unpaid taxes as soon as possible, preferably before the end of current August. The law recently passed by the House of Representatives to override 65% of delay costs and the additional tax outlined in the Customs Law, the Stamp Tax Law, and other laws would enable taxpayers to benefit from early tax payment. The remaining 35% must be paid by March 1, 2023. As a result, there will be reduced financial pressure on the business community; support for the economy, the creation of an investment-friendly climate; employment preservation; and stimulation of the productive sectors, industry, and exports.

 

 

A statement by the Ministry of Finance stated that the new law puts an end to defaulting cases resulting from financial obligations to enhance production. Furthermore, it encourages natural and legal persons to pay their debts and helps accelerate the pace of work in resolving tax disputes without resorting to courts, thereby preserving the state's right and contributing to the establishment of trust bridges with financiers as development partners. 

 

 

The statement indicated that the new tax benefits do not violate what is stipulated in the third paragraph of Article 110 of the Income Tax Law promulgated by Law No. 91 of 2005, which grants the taxpayer another exemption with a 30% deduction from the tax return through an agreement before the internal committees, without referring these cases to appeal committees.