The Finance Ministry (MoF) has drawn up a temporary, six-month law to facilitate the process of resolving open tax disputes, according to a Cabinet statement. The bill, which is being fast-tracked, has been sent to Cabinet for approval. The government expects the legislation to be approved by the House of Representatives and signed into law by no later than the end of the month. It would come in the form of two new sections to article 110 of the Income Tax Act, which legislates late tax payment fees. The draft law would, if passed, limit the period over which to determine the late fees to three years. It would also provide discounts of up to 30% on fines for late payment, provided that the taxpayer makes the full disputed tax payment and does so before the committee mediating the dispute issues its decision.
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