The Ministry of Economy and Finance issued new Prakas No. 625 MEF.Prk, date 10 Oct 2024 to amend and extend the tax period covered by the tax relief on administrative penalties, including the additional tax, interest and fines for voluntary amendments of tax declarations, which were previously introduced under Prakas No. 071 dated 30 Jan 2024.
Prio to the Tax Auditor's Findings: Additional Tax, interest, and fines maybe exemptions (If no minutes of the meeting were prepared or provided by the tax auditors for their findings).
After the Tax Auditor's Findings: 10% additional tax and 1.5% interest shall be consider payable in accordance with prevailing laws and regulations. However; the additional tax and interest paid on voluntary amendment can be offset against the amount of additional tax and interest during the tax audit.
Note: The tax above relief shall be applicable to the amendment of accounting records and tax declarations pertaining to transactions prior to Aug 2024, provided that the amendment was submitted no later than June 2025.