What is Armnesty?
A Tax amnesty is a limited time offer targeted for a class of Taxpayers with an aim of addressing a specific problem or achieving a specific objective.The Finance Act, 2023 introduced Section 37E to the Tax Procedures Act, 2015 which has granted a tax amnesty 0n penalties and interest on tax debt for periods up to 31st December 2022.
A person qualifies for the tax amnesty on penalties and interest where the person –
- Has no principal taxes owed but there are penalties and interest for periods up to 31st December 2022.
- Fully pays any outstanding principal taxes accrued up to 31st December 2022, by 30th June 2024.