Tax Overrun Law

After the approval of the House of Representatives on the new draft law on override, the exemption or override became approximately 75% of the delay or additional tax in special cases.

The new override law stipulates the waiver of 65% of the delay fee and the additional tax in the event that the full payment of the original tax before the issuance of the law or no later than August 31, either in the event that the file is terminated by direct agreement in the mission or in the internal committee and before the issuance of the decision of the appeal committee and in accordance with Law 16 of 2020, in which Article 110 of Law 91 of 2005 was amended, where the amendment stipulated " The taxpayer shall be exempted from paying (30%) of the delay consideration for the unpaid tax due based on the agreement made with the authority before the issuance of the decision of the appeal committee, provided that the taxpayer pays the tax due from him. "

Thus, due to the fact that Law 16 of 2020 has made the amendment mentioned in Law 91 of 2005, which is valid and extended, the financier is exempted from 30% of the delay due in accordance with the articles of the law, and the payable becomes a payment on the financier only is 70% of the delay consideration, and according to the new law of override, which has not been exaggerated in any way to any amendment to the Income Tax Law, 65% of the value of the due delay is exceeded, which is Here is 70% of the corresponding outlook.

To clarify the matter in the form of a digital example, in the event that the financier before this law was due to an additional tax or for a delay of 100 pounds, and it was directly agreed with the mission to end the tax dispute and pay the original amount before August 31, 2022, works are done for the articles of the law, exempting the financier from 30% of the value of the delay fee, so that the due becomes only 70 pounds, and according to the new override law, 65% of the value of the 70 pounds is exceeded to bring the total due The financier has 24.5 pounds, so that the total reduction or excess of the consideration is about 75.5 pounds, which exceeds 75% of the value of the delay fee.

The new law of overcoming fines stipulated the waiver of 65% of the delay or additional tax due or payable on the financier, but the legislator has set a set of controls and requirements to take advantage of the advantages of this law, which can be summarized in three main things:

1. The tax or fee to be paid shall be due before the issuance of this Law.

2. The principal tax, debt or fee payable must have been paid in full before the issuance of the law or no later than August 31, 2022.

3. The remaining 35% of the delay or surcharge fee must be paid before March 1, 2023.

It is worth noting that the legislator has obligated the financier to abide by these conditions collectively and not individually, meaning that in the event of compliance or fulfillment of one of the three aforementioned items, it is not possible to benefit from the advantages of this law.

( For our services click here )

( To know the price click here )