TAX AMNESTY ON INTEREST AND PENALTIES 2023
The Finance Act, 2023 introduced a tax amnesty on interest and penalties on tax debt for periods up to 31st December, 2022. It will run from 1st September, 2023 to 30th June, 2024. Tax amnesty is a government policy or program that offers individuals and businesses a limited-time opportunity to settle their outstanding tax liabilities with reduced or waived penalties, interest. The tax amnesty shall be implemented as follows – Where a person has paid all the principal taxes that were due by 31st December, 2022, the person will be entitled to 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 31st December, 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 not later than 30th June, 2024. The Finance Act, 2023 a