21/02/2024
TAX AMNESTY
The Finance Act 2023 introduced a tax amnesty for interest and penalties on tax debt by inserting Section 37E to the Tax Procedures Act, 2015. The amnesty is applicable to:
A person with penalties and interest but has no principal taxes owing for periods up to 31st December 2022; and
A person who has principal tax accrued up to 31st December 2022 but pays the outstanding principal tax debt by 30th June 2024.
The Finance Act, 2023 also deleted the tax waiver and abandonment provisions hence taxpayers are encouraged to take advantage of the tax amnesty.
