On 30 January 2024 the Ministry of Economy and Finance (“MEF”) issued a Prakas on Incentives for Voluntary Amendment of Tax Returns. This Prakas is part of the tax incentive measures announced by the government in November during the 19th Government-Private Sector Forum.

Incentives

According to this Prakas, taxpayers are entitled to the exemption of additional tax, interest and fines if they voluntarily amend the tax returns and pay associated taxes before the tax auditors find the mistakes. If the mistake is found, taxpayers can still amend of tax return but pay additional tax of 10% (instead of 25%), and interest. Although the tax incentive is provided until the end of June 2024, it does not apply to the 2024 tax year.