Dear Clients and Colleagues,
The Finance (No. 2) Bill 2016, proposes a tax amnesty for taxes and other liabilities that were due and payable up to December 2015. The amnesty would include the waiver of interest, penalties and other liabilities on late filings and late payments on: income tax, corporation tax, withholding tax, business levy, petroleum tax and value added tax.
The amnesty also takes in consideration the waiver of penalties due to the failure for non-filing or delivering of annual returns and other corporate documents as stated in the Companies Act, 1995.
The above is suggested to take effect from July 1st 2016 and expires September 16th, 2016. (Please note the Bill refers to the expiration date as August 31st 2016, notwithstanding we were advised by the Ministry of Finance that the former hold true.).
The aforementioned is for information purposes only and is intended to be used as a guide. It is not intended to be relied upon for specific tax and/or business advice and as such, please contact us with any specific matters prior to making any decision.