Tax Procedures (Amendment) Bill, 2024

 


The Tax Procedures (Amendment) Bill, 2024, recently introduced to Parliament, seeks to amend key provisions of the Tax Procedures Act. These amendments are designed to provide relief to taxpayers and improve tax compliance. The changes include extending tax amnesties, allowing relief in difficult tax recovery cases, and revising timelines for filing tax objections. This newsletter outlines the major updates and their implications for businesses and individual taxpayers.

Tax Amnesty Extension

One of the notable amendments is the extension of the tax amnesty period, which was previously set to expire on June 30, 2024. The new deadline is now June 30, 2025, giving taxpayers an additional year to settle their principal tax without facing penalties or interest. This extension aims to encourage compliance by offering relief to those who may have struggled to meet the earlier deadline.

Relief for Unrecoverable Taxes

The Bill introduces a new provision that allows the Commissioner to seek approval from the Cabinet Secretary for relief in cases where recovering unpaid taxes is deemed impossible or excessively difficult. This measure applies in cases of undue hardship or inequity and provides an avenue for taxpayers to seek relief if they are unable to meet their tax obligations​.

Adjustment of Filing Deadlines

Another key amendment involves the exclusion of Saturdays, Sundays, and public holidays from the calculation of time limits for lodging tax objections and appeals. This change ensures taxpayers have adequate time to comply with statutory deadlines, especially in matters requiring formal objections or appeals.

The Tax Procedures (Amendment) Bill, 2024, introduces crucial updates aimed at easing compliance and offering relief where necessary. At RWK & Associates, we encourage taxpayers to take advantage of the extended amnesty period and familiarize themselves with the changes to avoid potential penalties. For further guidance on how these amendments affect your business, feel free to reach out to our tax experts.

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