Reconciled version of ‘Ease of Paying Taxes Act’ ratified

Indonesia Berita Berita

Reconciled version of ‘Ease of Paying Taxes Act’ ratified
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THE Senate has ratified the Bicameral Conference Committee Report on the disagreeing provisions of the measure that seeks to ease paying of taxes.Senator Sherwin Gatchalian,...

THE Senate has ratified the Bicameral Conference Committee Report on the disagreeing provisions of the measure that seeks to ease paying of taxes.

Under the reconciled version of the measure, the following revisions were added to the country’s tax system to modernize tax administration, remove antiquated procedures, and improve efficiency in tax compliance: * VAT invoice as the only proof of transaction, and removal of the term"prominently" in the phrase"written or printed prominently" found in the current provision;* Implementation of audit risk assessment in the processing of VAT claims;

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