Tax, national insurance amnesties extended to January 31

The Finance Minister has extended the tax and national insurance amnesties to January 31. This will be retroactive to December 31, 2024.

In a release, the Finance Ministry said the necessary orders to extend the deadline would be published on January 3.

It reminded the public that the extended tax amnesty covers penalties and interest in relation to a variety of unpaid taxes for previous years and the year of income ending December 31, 2023. It also covers penalties and interest for unpaid property taxes for 2024, which are now due and payable on or before January 31, 2025.

The release said the national insurance amnesty covers all interest and penalties outstanding on contributions paid before October 1, 2024, and interest and penalties on any contributions outstanding as at September, 2024, where the contribution is paid during the period October 1-December 31, 2024.

However it said the NIS amnesty only applies to employers registered with the National Insurance Board before October 1, 2024.

The Finance Ministry reminded the public that when a taxpayer/employer fails to pay his outstanding tax/contributions during the extended tax amnesty and national insurance amnesty, ie on or before January 31, 2025, the penalties and interest which would have been payable due to the failure to pay the tax/contributions will be revived and become payable as if the waiver had not been granted.

Newsday was told cashiers in several locations did not turn up at Inland Revenue Offices on December 31, although the offices were supposed to be open to take payments until noon.

Taxes to which the amnesty applies include:

• Individual income tax
• Gaming amusement tax
• Pay-as-You Earn (PAYE)
• Withholding tax
• Health surcharge
• Hotel accommodation tax
• Corporation tax
• Club gaming tax
• Business levy
• Insurance premium tax
• Green Fund levy
• Tax on financial services
• Value added tax (VAT)
• Petroleum profits tax (PPT)
• Supplemental petroleum tax (SPT)
• Unemployment levy
• Stamp duty