THE Tax Amnesty and National Insurance Amnesty have been extended until January 31, 2025.
Initially set to expire on December 31, 2024, the amnesties were introduced under the Finance Act 2024, a release by the Ministry of Finance stated on Thursday.
The necessary orders to extend these deadlines will be published on January 3, 2025, with retroactive effect from December 31, 2024.
The Tax Amnesty offers a waiver on penalties and interest for a wide range of unpaid taxes, including:
• Individual Income Tax
• Gaming Amusement Tax
• Pay-as-You Earn (PAYE)
• Withholding Tax
• Health Surcharge
• Hotel Accommodation Tax
• Corporation Tax
• Club Gaming Tax
• Business Levy
• Insurance Premium Tax
• Green Fund Levy
• Tax on Financial Services
• Value Added Tax (VAT)
• Petroleum Profits Tax (PPT)
• Supplemental Petroleum Tax (SPT)
• Unemployment Levy
• Stamp Duty
The National Insurance Amnesty addresses outstanding interest and penalties on contributions paid before October 1, 2024, the release stated.
It also covers penalties on contributions due as of September 2024, provided they are settled between October 1 and December 31, 2024. This amnesty is available exclusively to employers registered with the National Insurance Board prior to October 1, 2024.
Taxpayers and employers who fail to clear their dues by the new January 31 deadline will face the reinstatement of all previously waived penalties and interest.
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