Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 1 - Jan/Feb/Mar 2024
 

Incentives for Voluntary Rectification of Tax Returns

The Ministry of Economy and Finance has issued Prakas No. 071 on Incentives for Voluntary Rectification of Tax Returns dated 30 January 2024 ("Prakas"). The Prakas amends Prakas No. 127 dated 14 March 2024 on Incentives for Voluntary Rectification of Tax Returns in order to provide for an exemption from administrative penalty.


The Prakas applies to all taxpayers in the self-assessment regime who file for the amendment of their submitted tax returns on account of mistakes due to the confusion or forgetfulness of the taxpayers or withholding agents. It provides for exemption from any administrative penalties including additional tax, interest and monetary penalty until the end of June 2024 for taxpayers or withholding agents that satisfy the conditions set out in the Prakas.


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Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

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