The Ministry of Finance (MOF) stated that the tax authority shall issue tax payment notices prior to 31 January 2024 and the tax-paying period shall be from 1-10 February 2024 according to Article 40 and Paragraph 2 of Article 42 of the Value-added and Non-value-added Business Tax Act, Article 45 of the Enforcement Rules of Value-added and Non-value-added Business Tax Act, and Article 18 of the Tax Collection Act. Due to the timing of the Lunar New Year holidays occurring from 8 February to 14 February, the MOF has extended the payment period from 15 February 2024 to 24 February 2024, since 24 February 2024 falls on a Saturday, the payment deadline will be extended to 26 February 2024 as the conclusion of the payment period.
The MOF noted that tax payment before 24:00 on 29 February 2024 may be made in different ways, such as convenience stores, financial chip card, current (savings) deposit account, ATM transfer, credit card, electronic, and mobile payment. Therefore, business entities paying after this deadline can only do so at the bank counter.
The MOF would like to remind business entities that failure to pay tax before 26 February 2024 will be considered overdue, incurring a late payment fee of 1% for every three days overdue, up to a maximum of 10%. If payment remains overdue for more than 30 days, enforcement actions will be escalated. Therefore, business entities are urged to take note of the extended date mentioned above and complete payments before the deadline. Starting from 1 March 2024 additional late payment fees will be imposed by the tax authority in accordance with Article 20 of the Tax Collection Act.
The MOF has issued another reminder to business entities who have arranged with a financial institution or postal institution to transfer tax through a designated deposit account. Business entities are urged to ensure that there are sufficient deposits in their accounts for withdrawals before 24:00 on 26 February 2024. The tax authority will not ask business entities to confirm the balance of their deposit account via phone call. Please seek verification to avoid fraud.
Press Release Contact: Miss Lee, Section Chief