News

Further extension of the period allowed for submitting applications to settle tax arrears by instalments

The Process of Adjustment of Tax Arrears Law 2017 (Law 4(I)/2017) establishes a procedure for settling tax arrears by monthly instalments. It provides a waiver of interest and penalties of up to 95% for 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 immediately, in order to allow time for the necessary payment systems to be put in place. The deadline for submitting applications to participate in the scheme was originally set at three months after the law took effect. The law took effect on July 3 2017 and the deadline for submitting applications was therefore October 3 2017.

In September 2017 the deadline for submitting applications was extended by three months, to 3 January 2018. The deadline has again been extended, by Law 1 of 2018, by a further six months, to 3 July 2018. Applicants must submit any pending tax returns for tax years up to and including 2015 no later than June 30 2018.

GET IN TOUCH