Persons and businesses here who have been delinquent in paying their taxes, and have accumulated a lot of arrears, have been given an additional 6 weeks within which to take advantage of the tax amnesty being offered by the government.
This as Minister of Finance, Camillio Gonsalves has announced an extension of the tax amnesty to June 30, 2018.
The tax amnesty which is being administered by the Inland Revenue Department commenced on February 15 and was initially scheduled to end on May 15, 2018.
But, speaking in Parliament this morning, Minister Gonsalves said this decision was taken in light of a request from the four largest accounting firms here for an extension of the amnesty period.
The Finance Minister expressed thanks to the 469 companies and individuals that have so far taken advantage of this tax amnesty period to go into the Inland Revenue Department to “bring their accounts current or to make payment arrangements.”
Unfortunately, he noted that the majority of those who have taken advantage of the tax amnesty are those who have fairly small arrears for property taxes and corporate income tax; whereas many of those who owe arrears for Value Added Tax (VAT) and PAYE have not done so.
Minister Gonsalves is encouraging more persons to take advantage of this tax amnesty period, which comes in wake of the government being owed a very large amount of taxes, inclusive of interest and penalties, by businesses and individuals.