On 10 October 2024, the Ministry of Economy and Finance issued an amendment to Prakas No. 071, which modifies the provisions concerning voluntary adjustments of tax returns. This amendment introduces critical changes, particularly regarding the deadline for penalty exemptions and conditions during tax audits. Below is a detailed comparison between the old and new provisions, along with key points taxpayers need to take note of:

 

PROVISION PREVIOUS PRAKAS AMENDED PRAKAS
Extension of exemption deadline End of June 2024 End of June 2025
Eligible transactions for exemptions Transactions before January 2024 Transactions before August 2024
Exemption of administrative penalties for corrections made during tax audits Only if correction is made before audit findings No changes
Administrative penalties if the corrections are made after audit findings 10% additional tax, 1.5% late interest No Changes
Credit for payments after the audit findings Payments will be credited against the audit result No Changes

 

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