The Maltese government has announced that it has extended the deadline for companies and individuals to come forward and disclose outstanding income tax arrears for the Years of Assessment 1999 to 2008.
The tax amnesty, approved by the government on September 4, allows taxpayers who have not disclosed outstanding tax liabilities to come forward and avail of reduced penalties and interest. According to a statement from the government, the deadline will now be extended to December 16, 2009.
Under the amnesty, 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. Those declaring debts under the old system (up to basis year 1997), will be required to pay 75% of the tax balance, while the remaining 25% will be waived.
In order to benefit from the initiative, tax debtors must pay the tax balance in one lump sum by January 15, 2010.
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