Amendments to the tax law that are effective beginning 1 January 2020 include certain tax administrative and procedural measures.
There are provisions concerning implications of changes to the tax law on taxpayer obligations for the year of change; a reduction of the statute of limitations on assessments to three years (from five years); and a five-business-day period for taxpayers to appeal a “desktop” tax audit-related notification.
Other provisions that are effective 1 January 2020 include an increased rate of employer contributions to the social medical insurance fund (increased to 2%). A proposal to introduce an employer’s mandatory pension obligation was postponed to 2023.
For more information, contact a KPMG tax professional:
Rodney Lawrence | +1 312 665 5137 | firstname.lastname@example.org
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