Economy
Addis Ababa Revenue Bureau to Penalize Taxpayers Failing to Maintain Financial Records
TIKVAH Ethiopia · 2 hours ago · Read the Full Story on TIKVAH Ethiopia
AI SUMMARY
The Addis Ababa City Administration Revenue Bureau has issued a directive enforcing strict legal and administrative penalties against Category A and B taxpayers who fail to maintain and submit financial records for the 2018 fiscal year.
- The Addis Ababa City Administration Revenue Bureau issued a directive for the 2018 (E.C.) fiscal year targeting taxpayers who fail to maintain financial records.
- Failing to maintain financial records is treated as tax evasion, except for specific sectors exempted under special circumstances.
- Category 'A' and Category 'B' taxpayers are legally obligated to declare annual gross income supported by documentation and financial records under Proclamations No. 1395/2017 and No. 979/2008.
- The profit margin set for Category 'C' taxpayers will be doubled and applied to defaulting entities in accordance with Income Tax Proclamation No. 979/2008 and Regulation No. 410/2009.
- A 40 percent penalty on the tax shortfall and a 200 percent penalty on the principal tax amount will be imposed pursuant to Tax Administration Proclamation No. 983/2008.
- Files and information of all penalized taxpayers will be organized and forwarded to the legal compliance department.
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