The Ministry of Finance called on taxpayers to quickly pay their due taxes, before the end of next August.
Early tax payment would help taxpayers benefit from the law recently approved by the House of Representatives to override 65% of delay fees and the additional tax stipulated in the Customs Law, the Stamp Tax Law, and others. The remaining 35% must be paid no later than 1 March 2023. This will alleviate the financial burdens on the business community, support the economic sectors, create an investment climate, preserve employment, and stimulate the productive sectors, industry, and export.
A statement by the Ministry of Finance stated that the new law puts an end to defaulting cases resulting from financial obligations to enhance production. Additionally, it encourages natural and legal persons to pay their debts, and helps accelerate the pace of work in ending tax disputes without resorting to courts, in a manner that preserves the right of the state and contributes to laying the foundations of bridges of trust with financiers, as development partners.
The statement indicated that the new tax benefits do not violate what is stipulated in the third paragraph of Article 110 of the Income Tax Law promulgated by Law No. 91 of 2005, which grants the taxpayer another exemption with a 30% deduction from the tax return through an agreement before the internal committees, without referring these cases to appeal committees.
