National Tax Administration commences withholding tax auditing, focusing on the withholding tax on dividends distributed to alien individual and foreign corporations.
According to the tax laws, when paying Dividend Net of Withholding Tax on dividends distributed to nonresidents and foreign corporations, withholding agents should withhold tax, deposit the amount to the National Treasury within 10 days of withholding, issue Withholding Tax Statement, and file the statement to the competent tax office.
If withholding agents failed to withhold tax according to the regulations and file
Withholding Tax Statement, there’s a penalty of up to 100% of the amount not paid.