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