In an effort to further streamline and improve the existing regulatory frameworks that currently govern the taxation sector, the Minister of Finance (“ Minister ”) has issued Regulation No. 118 of 2024 (“ Regulation 118/2024 ”) on Procedures for Corrections, Objections, Reductions, Eliminations and Cancellations Within the Taxation Sector (collectively referred to as “ Taxation Procedures ”), which has been in force since 1 January 2025. [1]
Seven Procedural Tax Adjustment Frameworks Consolidated: Fines for Rejected Tax Objections Now Reduced to 30%
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