New Taxation Recording Procedure for Certain Individual Taxpayers

The Minister of Finance (“ Minister ”) recently issued Regulation No. 54/PMK.03/2021 on Recording Procedures, Certain Criteria and Bookkeeping Procedures for Taxation Purposes (“ Regulation 54/2021 ”) in order to offer greater legal certainty regarding taxation-related recordkeeping, as conducted by personal taxpayers who are exempted from the bookkeeping obligation but who are required to keep records. [1] As the new legal basis for the taxpayer recordkeeping, Regulation 54/2021 also repeals and replaces Regulation of the Minister No. 197/PMK.03/2007 on Recording Forms and Procedures for Personal Taxpayers (“ Regulation 197/2007 ”). [2]