The Ministry of Finance prepared the amendments to the Tax Code aiming to soften the rules of suspending the operations on the taxpayers’ bank accounts due to late reporting. Under the proposed amendments, (i) the delay in the reporting that may trigger blocking of the bank accounts will double, from 10 to 20 days, and (ii) the tax inspections will have to notify the taxpayers about the upcoming blocking 14 days in advance. These measures are expected to promote the discipline within the taxpayers without excessive restrictions. In addition, suspension of the bank operations due to nonintentional violations by the taxpayers should be avoided.
NAZALI TAX & LEGAL