The Ministry of Economy and Finance issued Prakas No. 071 on Incentives for Voluntary Rectification of Tax Returns dated 30 January 2024 (“Prakas no. 071“). Prakas no. 071 amends Prakas no. 127 dated 14 March 2022 on Incentives for Voluntary Rectification of Tax Returns in order to get an exemption from the administrative penalty.
Prakas no. 071 governs all taxpayers in the self-assessment regime who file for amendment of tax returns after the submission of their respective tax returns. This Update sets out the key features of Prakas no. 071.
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