Maltese Minister for Finance, the Economy and Investment, Tonio Fenech, revealed on September 4 that the government had agreed upon an initiative to encourage tax debtors to resolve any unpaid taxes, with substantial reductions to penalties and interest, subject to certain conditions.
According to a government statement, the initiative is available both to individuals and companies on balances due under both the 'new' self-assessment system (from basis 1998 onwards) and the old system (up to basis year 1997).
According to the government, persons settling their tax balance under the self-assessment system (from basis year 1998 onwards) will benefit from a 90% reduction of the pending interest and penalties. With regard to the old system (up to basis year 1997), persons who pay 75% of the relative tax balance due will benefit from a reduction on the remaining 25%.
In order to avail of the initiative, tax debtors must pay the tax balance in one lump-sum by January 15, 2010, the government announced.
Those taxpayers who have outstanding tax returns relating to basis years 1998 to 2007 need to file their tax returns by November 16, 2009, to be able to benefit from the reduction, it concluded.
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