The Maltese government announced on December 5 an extension to its Reduction in Tax Penalties Scheme, which allows taxpayers with outstanding tax balances for previous tax years to regularize their tax positions and benefit from reduced penalties.
According to the Ministry of Finance, due to "considerable demand" shown in the past few days, the closing date for the scheme with regard to the payment of arrears of tax and social security contributions is being extended by "a few weeks". The deadline was previously set at November 30, 2011.
The Ministry has underscored that those wishing to participate in this scheme must ensure that they deliver any missing returns to the Inland Revenue Department by January 10, 2012 and deliver the payment and signed agreement to the Department by January 31, 2012.
Under the amnesty scheme, which applies to years of assessment 1999-2010, taxpayers can benefit from an 85% reduction in penalties and interest if they settle to the entire amount of outstanding tax due.
.Tags: tax | offshore | individuals | international financial centres (IFC) | individual income tax | tax compliance | Malta | tax avoidance | interest | compliance | penalties | Malta
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