In this episode, we unpack the Tax Amnesty Programme, which allows taxpayers to rectify their tax affairs while avoiding severe penalties and interest.

The primary goal of the Tax Amnesty Programme is to encourage taxpayers to come forward and disclose any undisclosed income, settle their outstanding tax liabilities and enjoy 100% amnesty on penalties and interest

The Tax Amnesty Programme typically covers various types of taxes, including income tax, value-added tax (VAT), corporate tax, and other taxes under domestic taxes. It applies to both individual taxpayers and businesses.

Where a person has paid all the principal taxes that were due by December 31, 2022, they will be entitled to an automatic waiver of the penalties and interest related to that period and will not be required to make an amnesty application.

Where a person has not paid all the principal taxes accrued up to December 31, 2022, they will be required to apply to the Commissioner for amnesty on interest and penalties and propose a payment plan for any outstanding principal taxes, which should be paid no later than June 30, 2024.