One strategy is provision of tax amnesty windows. Provision of a tax amnesty is a taxman’s way of inviting non-compliant taxpayers to the dialogue table and asking them to start on a clean slate. The most recent form of tax amnesty is the voluntary tax disclosure programme (VTDP) introduced through the Finance Act, 2020. This means the earlier the taxpayer makes their application, the greater the benefit from the amnesty programme. The voluntary tax disclosure programme is hinged on the spirit of trust as guided by our tax administration regime of self-assessment.

Source: Standard Digital September 17, 2020 02:11 UTC