The Ministry of Economy and Finance has issued Prakas No. 009 on the Reclassification of Taxpayers under the Self-Assessment Regime (or the Real Regime of Taxpayers) dated 12 January 2021 ("Prakas No. 009"). Prakas No. 009 applies to all taxpayers who have registered from 12 January 2021, and specifically reclassifies taxpayers based on turnover and sectors.
All types of taxpayers — small, medium, and large — are required to declare the actual turnover to the General Department of Taxation ("GDT"). If GDT finds that the taxpayers have not declared the actual turnover, it may, at its discretion, reclassify taxpayers based on total assets of the taxpayers, which include current and non-current assets.
Prakas No. 009 replaces Prakas No. 025 on the Classification of Taxpayers under the Self-Assessment Regime (or the Real Regime of Taxpayers) dated 24 January 2018.
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