A tax amnesty will kick in on No­vem­ber 14 and run for three months. Here is a re­cap of this mea­sure, an­nounced in Mon­day's Bud­get.

"Madam Speak­er, we recog­nise that be­cause of the pub­lic health re­stric­tions and ad­verse eco­nom­ic ef­fects of the COVID-19 pan­dem­ic, many busi­ness­es, es­pe­cial­ly small busi­ness­es, suf­fered such se­vere loss of in­come in 2020 and 2021 that they fell be­hind in their tax­es.

Al­though we in­tro­duced an amnesty in 2021, many busi­ness­es were still strug­gling to keep afloat and were un­able to take ad­van­tage of the amnesty at that time.

Ac­cord­ing­ly, I pro­pose to in­tro­duce an amnesty on penal­ties and in­ter­est on tax­es owed up to and in­clud­ing the year end­ing De­cem­ber 31, 2021.

The amnesty will run from No­vem­ber 14, 2022, to Feb­ru­ary 17, 2023.

This mea­sure will re­quire amend­ments to the var­i­ous tax laws and is ex­pect­ed to raise $300 mil­lion to $500 mil­lion in 2023."

- Fi­nance Min­is­ter Colm Im­bert

SEE AL­SO: Bud­get Re­cap: In­come Tax re­duc­tion