Some businesses and individuals are likely breathing a sigh of relief after the Minister of Finance Colm Imbert announced yesterday that the tax amnesty, which was supposed to end today, has been extended to May 19, 2023.
The extension is to give businesses and individuals more time to prepare their financial statements and finalise the necessary documentation to submit their tax returns and pay the taxes due for the year of income 2021 and prior years.
In a news release, Imbert said to date, the original target of $500 million from the amnesty has also been exceeded. This has assisted the Government’s cash flow to a significant extent, especially during a time of declining oil and gas prices.
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