The Maltese Inland Revenue has announced the government’s decision to extend the deadline for submissions in an initiative - first announced on January 1, 2009 - which offers individuals and companies the opportunity to avail of lower interest and penalties on the disclosure and payment of unpaid tax balances for the Years of Assessment 1999–2008.
The closing date for the submission of outstanding income tax returns for the Years of Assessment 1999-2008 for those wishing to avail of the scheme has been extended from December 16, 2009, to January 22, 2010.
The extension also applies to the submission of any adjustment forms (AF1 or AF2) to be taken into account for the purpose of the scheme.
The closing date for the submission of the signed agreements together with the pending payments has also been extended from January 15, 2010 to February 22, 2010.
Under the terms of the initiative, 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 regards to the old system (up to basis year 1998), persons who pay 75% of the relative tax balance due will benefit from a reduction of the remaining 25%.
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