The Ministry of Finance published drafts proposal of the Tax Code and the Fiscal Procedures Code, on 30 June 2014. Under draft proposals currently under discussion the penalty for an under declaration of profits would be 10% of the additional amount assessed, but would be 25% of the amount assessed if the additional amount is more than 25% of the taxable profits originally declared by the taxpayer.
Interest
Under draft proposals currently under discussion the daily interest charge would be reduced from 0.03% to 0.02%.
Reduction of penalties
Under the draft proposals the penalties would be reduced by 75% in the event of punctual payment of the additional tax due.
