Amendment of Regulation on Revaluation of Fixed Assets for Tax Purposes for Applications Submitted in 2015 and 2016

On 19 February 2016, the Minister of Finance issued regulation No. 29/PMK.03/2016 (“PMK-29”) regarding second amendment of MoF Regulation No. 191/PMK.010/2015 concerning Revaluation of Fixed Assets for Tax Purpose for Applications Submitted in 2015 and 2016.

The major changes in PMK-29 are as follows:

    • The deadline for payment of Income Tax payable on excess value of fixed assets resulting from revaluation on fiscal book value for a taxpayer fulfilling certain criteria is 31 December 2016. Under the previous regulation, the payment should be made before the application is submitted.
    • The certain criteria as ment