This paper is subject to correction.
Without context, I take it to mean:
This paper may be corrected.
But could there be some context under which it could mean:
This paper will be corrected.
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Sign up to join this communitysubject to correction = may be corrected
It does not mean "will be corrected". It may contain errors or omissions and thus may be corrected. It doesn't mean "It does contain errors and so will be corrected".
Those products are subject to a 10% duty.
There, however, it means that if you import these products, expect to pay a 10% duty (absent circumstances that would exempt you from having to pay it).
You are correct in the meaning.
You could say:
I found mistakes in your paper. This paper is subject to correction