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The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) established a procedure for settling tax arrears by monthly instalments, providing a waiver of up to 95% of interest and penalties and covering all nationally imposed taxes...
The Process of Adjustment of Tax Arrears Law 2017 (Law
4(I)/2017) established a procedure for settling tax arrears by
monthly instalments, providing a waiver of up to 95% of interest
and penalties and covering all nationally imposed taxes,
including:
income tax;
value-added tax;
special defence contribution
tax;
capital gains tax;
stamp duty; and
special contributions payable by
employees, pensioners and self-employed persons.
Although the law was enacted in February 2017, it did not take
effect until July 3 2017 in order to allow the necessary payment
systems to be established, and applications began to be considered
from that date.
The Tax Department recently issued an announcement informing
taxpayers who have applied to participate in the scheme that strict
compliance with the agreed terms is essential. In particular,
payments must:
be made on or before the due
date;
quote the unique payment reference
code; and
constitute at least the agreed
amount.
In the event of failure to comply, the penalties provided for by
the law will be applied, which include the possible termination of
the arrangement and the withdrawal of any waiver of interest and
penalties.
Originally published by International Law Office.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
