a. A taxpayer may on his own initiative amend a tax return that has been filed by submitting a written statement within two years from end of a tax period, part of a tax year, or a tax year, provided the Director General of Taxation has not started an audit.
b. Where the taxpayer amends the tax return himself resulting in an increase in the amount month of tax due, the taxpayer will be subject to a penalty of 2% (two percent) interest per month on the amount of tax underpaid, calculated from the filing due date of the tax return up to the date of payment resulting from amendment of the tax return.
c. If an audit has been done, but an investigation has not been conducted into wrong doing committed by a taxpayer, there shall be no investigation of the wrong doing of the taxpayer if the taxpayer on his own initiative discloses the errors and pays any tax underpaid along with a fine equal to twice the amount of tax underpaid.
d. If the period for amending a tax return as prescribed in paragraph (1) has lapsed, provided the Director General of Taxation has not issued a tax assessment, a taxpayer may on his own initiative disclose in a separate report nay inaccuracy in the completion of a tax return already filed, which causes:
i. the amount of tax payable to increase; or
ii. the loses based on the tax payable to increase; or
iii. the total assets to increase; or
iv. the total equity to increase.
e. Any tax underpayment arising from the disclosure of inaccuracies in completing a tax return as prescribed in article 8 paragraph (4) along with penalty of 50% of the amount of tax underpaid, shall be paid by a taxpayer before submission of the above report.
f. Although the period allowed for amending a tax return as referred to in paragraph (1) has lapsed and as long as the Director General of Taxation has not initiated an audit, a taxpayer may amend the annual income tax return already filed in either of these situations:
i. The taxpayer receives a Decisions Letter on an objection to a tax assessment of a previous year’s tax return and the amount of fiscal loss stated on the Decision Letter is different from the tax assessment; or
ii. The taxpayer receives a Decision Letter on an appeal to an objection to a tax assessment of a previous year’s tax return and the amount of fiscal loss stated on the Decision Letter is different from the amount stated on the Decision Letter on the objection.
This amendment should be done within 3 months after the Decision Letter on the objection or appeal is received. (Article 8 Law No. 16 Year 2000)
b. Where the taxpayer amends the tax return himself resulting in an increase in the amount month of tax due, the taxpayer will be subject to a penalty of 2% (two percent) interest per month on the amount of tax underpaid, calculated from the filing due date of the tax return up to the date of payment resulting from amendment of the tax return.
c. If an audit has been done, but an investigation has not been conducted into wrong doing committed by a taxpayer, there shall be no investigation of the wrong doing of the taxpayer if the taxpayer on his own initiative discloses the errors and pays any tax underpaid along with a fine equal to twice the amount of tax underpaid.
d. If the period for amending a tax return as prescribed in paragraph (1) has lapsed, provided the Director General of Taxation has not issued a tax assessment, a taxpayer may on his own initiative disclose in a separate report nay inaccuracy in the completion of a tax return already filed, which causes:
i. the amount of tax payable to increase; or
ii. the loses based on the tax payable to increase; or
iii. the total assets to increase; or
iv. the total equity to increase.
e. Any tax underpayment arising from the disclosure of inaccuracies in completing a tax return as prescribed in article 8 paragraph (4) along with penalty of 50% of the amount of tax underpaid, shall be paid by a taxpayer before submission of the above report.
f. Although the period allowed for amending a tax return as referred to in paragraph (1) has lapsed and as long as the Director General of Taxation has not initiated an audit, a taxpayer may amend the annual income tax return already filed in either of these situations:
i. The taxpayer receives a Decisions Letter on an objection to a tax assessment of a previous year’s tax return and the amount of fiscal loss stated on the Decision Letter is different from the tax assessment; or
ii. The taxpayer receives a Decision Letter on an appeal to an objection to a tax assessment of a previous year’s tax return and the amount of fiscal loss stated on the Decision Letter is different from the amount stated on the Decision Letter on the objection.
This amendment should be done within 3 months after the Decision Letter on the objection or appeal is received. (Article 8 Law No. 16 Year 2000)
No comments:
Post a Comment