Grenada's government has announced that it is offering the country's tax offenders the opportunity to become tax compliant by running a national amnesty over the next four months.
Over the past few months, government officials have observed that many taxpayers have significant arrears with the Inland Revenue. These arrears are not only impacting negatively on the government’s revenue collection but also business performance and expansion, the government said.
"Some taxpayers in arrears are almost paralyzed by the magnitude of their outstanding taxes. Others appear to have given up. Furthermore, some businesses are unable to access concessions for expansion because of tax arrears," the government said in a statement.
"Against this backdrop and consistent with its priority of stronger economic management, the government has decided to implement a tax amnesty," the statement added.
The amnesty will offer taxpayers with arrears the opportunity to pay off their taxes without interest and penalties between November 17, 2008 and March 31, 2009.All taxpayers and types of taxes are eligible under the amnesty, although the government is particularly keen to draw in the outstanding amounts of corporate income tax, general consumption tax, personal income tax and property tax.
The amnesty will also extend to persons who are registered taxpayers but have not filed their returns and paid their taxes. Such persons can file and pay, without interest and penalty, in the period of amnesty. Additionally, the amnesty will allow individuals and businesses who have not yet registered the chance to register, file and pay during the amnesty, without interest and penalty.
The government have stressed that in light of their preparations for the implementation of a value-added tax (VAT), amnesty registration is essential. Individuals and businesses that are not VAT-registered will not be entitled to VAT refunds.
Additionally, individuals and businesses who fail to eliminate all arrears during the amnesty period would find that upon the implementation of VAT, all eligible refunds/credits would be applied to their outstanding arrears until it is cleared.
For those with outstanding tax payments who choose to ignore the amnesty, the country's Inland Revenue has announced that it will "aggressively enforce" tax laws, such as by seizing property and other assets to satisfy outstanding taxes.
Further to this, the government may consider the imposition of a tax compliance certificate in order to access certain basic services. The requirement for this certificate may also extend to persons who have not paid licences for their business, or motor vehicle.
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