Wednesday 23 October, 2019

Tax amnesty extended

The 2019 Tax Amnesty has been extended to September 30.

Finance Minister Colm Imbert made the announcement in a statement on Sunday.

Taxpayers are also advised that there will be no further extensions of the Tax Amnesty in 2019.

The waiver on interest includes the following taxes: corporation tax, petroleum profits tax, supplemental petroleum tax, land and building taxes, green fund levy, business levy, tax on gambling devices, stamp duty, value added tax heath surcharge, hotel accommodation tax, financial services tax, insurance premium tax and special tax.

The waiver applies where these taxes are due and payable for the years up to and including the year ending December 31, 2018 and the taxes are paid before or during the period of the Tax Amnesty.

It also covers outstanding interest charged on any outstanding tax due and payable for the years up to December 31, 2018, where the outstanding taxes are paid before or during the period of the Tax Amnesty.

This waiver of interest on outstanding taxes applies to companies, organizations and individuals.

Additionally, a waiver of penalties is applicable and covers:

  • Penalties on any tax or outstanding tax or interest for the years up to and including the year ending December 31, 2018, where the outstanding taxes are paid before or during the period of the Tax Amnesty.
  • Penalties on any outstanding return for the years up to and including the year ending December 31, 2018, where the return is filed prior to or during the period of the Tax Amnesty.

 

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